INPEX Idemitsu Norge is selling production assets to Longboat Energy Norge

We are pleased to have assisted INPEX Idemitusu Norge with the sale of production assets in the Statfjord area to Longboat Energy Norge, for USD 12.75 million.

INPEX Idemitsu Norge is a subsidiary of Inpex Corporation, a Japan-based energy company. 

Longboat Energy Norge is a Norwegian wholly owned subsidiary of Longboat Energy PLC, a UK-based North Sea focused oil and gas company, with activities in Norway and Malaysia.

With this transaction Longboat Energy Norge is acquiring a 4.80 % unitised interest in the Statfjord Øst Unit, and a 4.32 % unitised interest in the Sygna Unit (both referred to as Statfjord Satellites) located on the Norwegian Continental Shelf.

In addition, Longboat Norge has entered into a decommissioning security agreement with INPEX Idemitsu and will pay a further deferred, post-tax consideration of US$1.75 million in equal stages over the next 18 months, which will be returned to Longboat Norge after the successful decommissioning of the Statfjord Satellites, currently anticipated in the late 2030s.

Completion of the acquisition of the Statfjord Satellites is anticipated prior to take place in the end of 2023. 

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


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