Norwegian oil and gas company, OKEA ASA, has signed a Sales and Purchase Agreement (SPA) with Equinor Energy for the acquisition of Equinor’s 40% operated working interest in PL195 and PL 195 B in the North Sea located west of the Gjøa field, according to a press release.

Erik Haugane, CEO of OKEA ASA, said, “By this transaction, we are diversifying our portfolio as well as strengthening our position in the Gjøa area. A development of Aurora fits right into the core of OKEA’s strategy with low-cost field development of smaller discoveries.

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The two licenses include the Aurora gas discovery, which OKEA estimates that its recoverable volumes are in the range of 12-28 million barrels of oil equivalent (mmboe). 

Wintershall DEA and Petoro own the remaining working interest in the licenses and respectively hold 25% and 35%. OKEA intends to become operator for the licenses and pursue a low-cost development of Aurora as a tie-in to Gjøa without further appraisal drilling.

Both the transaction and a potential change in operatorship are subject to approval by the Ministry of Petroleum and Energy.