DEA has sold its ownership in the Polarled gas pipeline, the Nyhamna onshore gas processing plant and Gassled, the Norwegian gas transportation network, to CapeOmega.
“The transaction represents a step forward in DEA’s strategy to divest legacy infrastructure assets in our portfolio and unlock value in support of the growth of our upstream business,” said Hans-Hermann Andreae, managing director of DEA Norge.
DEA holds 4.7910% stake in Polarled, a 482 kilometer dry gas pipeline from Aasta Hansteen field to Nyhamna plant, 1.0649% in Nyhamna onshore gas processing plant and 0.0810% in Gassled.
Completion of the Polarled pipeline and the Nyhamna terminal expansion create transportation capacity for the gas production from DEA’s operated Dvalin field, currently under development.
The establishment of the Polarled and Nyhamna joint ventures and approval by Norwegian authorities of an agreed tariff structure, have allowed DEA to market these non-core infrastructure assets this year and monetize its investments in them, the company said.
The transaction is expected to complete in the first half of 2018, subject to approvals by the Ministry of Petroleum and Energy and the Ministry of Finance.