Okea buys Wintershall’s Yme stake

Wintershall Norge has signed a sales agreement with the Norwegian oil company Okea to sell its 10% share in the Yme license on the Norwegian Continental Shelf (NCS).

Following the transaction, the equity ownership in PL 316 license is: Repsol Norge (operator) 60%, LOTOS E&P Norge 20%, Kufpec Norway 10%, and Okea 10%. The Yme license PL 316 lies in the south-eastern part of the North Sea.

Once completed, the transaction will be effective retroactively from January 1, 2016, and completion is expected by the end of this year. Wintershall noted that this agreement is subject to approval by the Norwegian Ministry of Petroleum and Energy.

Back in January this year, reports emerged that Okea was looking to buy a stake in the troubled Yme oil and gas field from the field operator.

The field has never produced a single barrel of oil due to delays and problems with the production platform which was eventually removed from the field by Allseas’ giant single-lift installation/decommissioning and pipelay vessel Pioneering Spirit in August this year. The platform was then sent to Veolia’s dismantling yard in Lutelandet, Norway.

The Yme unit was a jack-up type platform standing on three steel legs of 3.5 m diameter, which were inserted approximately 10 meters inside the subsea storage tank columns at 93 m water depth.

Offshore Energy Today Staff

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