INPEX Idemitsu Norge has successfully completed the sale of its interests in the Statfjord Øst and Sygna fields to Longboat Japex Norge

On 3 July 2023, INPEX Idemitsu Norge agreed to sell its participating interests in the Statfjord Øst and Sygna fields to Longboat Japex Norge, and on 31 January 2024 the transaction was completed. We are pleased to have served as legal advisors to INPEX Idemitsu Norge in this process.

INPEX Idemitsu Norge has a long and distinguished history on the NCS. Since its acquisition of a share in the Snorre field in 1990, the company has become a prominent full-cycle E&P player with significant production and an active exploration portfolio. Through the purchase of 4.80% unitized interest in the Statfjord Øst Unit and a 4.32% unitized interest in the Sygna Unit from INPEX Idemitsu Norge, Longboat Japex Norge has acquired its first producing assets in Norway. The transaction was conditional upon the carve-out of new production licenses from PL 089, to enable the transfer of the Statfjord Øst and Sygna fields. The parties contributed to a successful carve-out process.

The acquisition was made for a cash consideration of USD 12.75 million. The parties to the transaction have also entered into a decommissioning security agreement to make an additional deferred, post-tax payment of US$1.75 million in equal instalments over the next 18 months. This amount will be reimbursed to Longboat Japex Norge upon the successful decommissioning of the Statfjord Øst and Sygna fields, expected to take place in the late 2030s.

We congratulate all parties involved. Our core team included Karl Erik Navestad, Rune Tjomsås Andersen, Ane Stanger Tronrud, and Helene Anglevik.


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