The NPD confirmed on 6 February 2019 that OKEA has acquired Shellâs 50% equity and operatorship in PL 958. The deal, which completed on 31 January 2019, follows OKEAâs purchase of Shellâs interests in Draugen (44.56% + operatorship) and Gjoa (12%) in 2018 (see separate article). PL 958 covers block 6408/4 and part of block 6408/7 and contains the Rialto prospect which OKEA believes could hold 300 MMboe (base case, unrisked). A decision must be taken on the licence by June as to whether to acquire 3D seismic.  Rialto has an Upper Jurassic Rogn Formation target, with hydrocarbons believed to have been spilled from Draugen. A well would have a 12% chance of success, with charge being the main risk.  Despite the transaction Shell retains a significant presence in Norway operating Ormen Lange and Knarr and partnering in Troll, Valemon and Kvitebjorn. It drilled two exploration wells on the NCS in 2018 (Tyttebaer and Coeus) and was offered shares in four licences (two as operator) as part of APA 2018 (see separate article).  Following completion of the deal PL 958 is operated by OKEA AS (50%) with Neptune Energy Norge AS (30%) and Petoro AS (20%) as partners.
OKEA has acquired Shellâs 50% equity and operatorship in PL 958.