Wintershall Sells Yme License Stake

Published at 03:28PM - 06/10/16

Wintershall Norge has signed a sales agreement for its 10% stake in the Yme license, located on the Norwegian Continental Shelf (NCS).

Under the transaction, Wintershall Norge will sell the stake to the Norwegian company Okea, subject to approval by the Norwegian Ministry of Petroleum and Energy.

“Following the transaction, the equity ownership in PL 316 licence is: Repsol Norge AS (operator) 60%, LOTOS E&P Norge AS 20%, Kufpec Norway AS 10%, OKEA 10%,” the company informed in a statement.

Wintershall Sells Yme License Stake

The Yme license – PL 316 – is located in the southeastern part of the North Sea.

The field has been subject to several delays and complications in its development. In fact, it has never produced any oil due to issues with the production platform, which ended up being removed from the field by Allseas’ Pioneering Spirit earlier in August.

The Yme field was initially due to begin production in 2010, but the platform ended up sitting unmanned since 2012, when Talisman had to evacuate all its staff due to cracks found in the platform’s legs.

The field was developed in 1995 by Statoil and production lasted to 2001, when operation of the field was considered unprofitable.

In 2006, it was decided that the remaining resources should be recovered using a new Mobile Offshore Production Unit (MOPU), the decommissioned Yme platform, with an estimated 60 million barrels of recoverable reserves.

Okea Strengthens Yme Stake

In January 2016, Okea had already taken over Repsol’s 60% stake in the Yme field.

At the time, Okea Chief Executive Officer (CEO) Erik Haugane said that the company would bear the costs of the development, but Repsol would pay to remove the abandoned platform.

Repsol justified the sale with the fact that the field was too small and did not hold significant reserves.

As well as this, the Spanish company did not consider it to be a strategic asset, the company explained at the time.