Norwegian oil and gas company Pandion Energy has signed an agreement to transfer its interest in several key assets on the Norwegian Continental Shelf. Norwegian Continental Shelf (NCS) to Inpex Idemitsu Norge (NCS) to Inpex Idemitsu Norge, a subsidiary of Japan’s Inpex. The deal comprises three assets with seven licenses, including the producing Valhall and Hod fields, and the Slagugle and Mistral discoveries.
A strategic step towards portfolio consolidation
The agreement involves the assignment of 10% in the Valhall and Hod fields, 20% in the Slagugle discovery and another 20% in Mistral.fields, 20% in the Slagugle discovery and a further 20% in Mistral. All these assets are located in areas close to existing infrastructure, a feature that Pandion has prioritized to maximize value creation. The company has described this transaction as a move aligned with its full-cycle business model, which spans from exploration to production.
Pandion entered the Valhall and Hod fields in 2017, marking the beginning of its transition as a full-cycle operating company. Since then, it has been involved in several major developments such as Valhall Flank West, the Hod redevelopment and the joint PWP-Fenris project together with Aker BP. The current sale represents a monetization of those assets after years of active investment.
Discoveries with potential
The Slagugle discovery was made in 2020 and became the most relevant find in the NCS during that year. Mistral was discovered in early 2025 and is estimated to contain between 19 and 44 million barrels of oil equivalent. Both are assets with high potential, and their assignment is part of a strategy to concentrate resources in priority projects.
Pandion sells assets to finance Nova and Ofelia
With this sale, Pandion strengthens its financial capacity to focus its development on assets such as the producing Nova field and the Ophelia project, located in the Gjøa metropolitan area. The company has reaffirmed its commitment to actively manage its portfolio and seek new opportunities in strategic areas of the Norwegian continental shelf.
The transaction is still subject to approval by the Norwegian Ministry of Energy and also represents a mandatory prepayment event related to its existing bond issue. Pandion has advised that it will fully repay the bond issue upon closing of the transaction.
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Source: Pandion Energy
Photo: Shutterstock
