Japex to acquire OKEA’s 20% stake in PL1119 licence

Japex Norge, a subsidiary of Japan Petroleum Exploration (Japex), has agreed to get OKEA’s 20% moving involvement successful Production Licence 1119 (PL1119) successful the Norwegian Sea.

The licence covers the Mistral South state field, which has been discovered but is yet to acquisition development, and the Mistral North exploration prospect. It is operated by Equinor Energy, which holds a 60% stake, portion Inpex Idemitsu Norge is the different stakeholder with 20% ownership.

The transaction is valued astatine $30m (Y4.77bn) and carries an effectual day of 1 January 2026. Finalisation of the woody is anticipated by the extremity of the 3rd 4th of 2026 (Q3 2026), taxable to authorities approvals.

The licence is located successful an country with established accumulation infrastructure. Japex Norge plans to enactment with its partners to make Mistral South, targeting the aboriginal 2030s for the commencement of production.

Plans are successful spot to drill an exploration good successful Mistral North successful Q1 2027.

OKEA originated PL1119, identifying the imaginable for a missed find successful a portion of the confederate Norwegian Sea with a past of lipid and state finds.

The find of Mistral South was made successful Q1 2025. The plus is estimated to clasp recoverable resources of 38 cardinal barrels of lipid equivalent (mboe) connected a P50 basis.

OKEA volition person a contingent outgo successful the lawsuit of a commercialized find astatine Mistral North. The estimated post-tax nett from this merchantability stands astatine $25m (Nkr233.33m), to beryllium recognised upon the closing of the deal.

The Norwegian institution stated that the merchantability volition fortify its equilibrium expanse and refocus attraction connected halfway assets.

Earlier this year, OKEA and its partners announced a hydrocarbon find successful the Knockando Fensfjord imaginable successful the Norwegian North Sea, identified done improvement good 31/4-A-15 D from the Brage installation. The good is located successful PL 055.

"Japex to get OKEA’s 20% involvement successful PL1119 licence" was primitively created and published by Offshore Technology, a GlobalData owned brand.

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