OKEA Sells 20% Stake in Norwegian Sea License to Japex for $30M

Illustration (Credit: OKEA)

Norwegian oil and gas firm OKEA has agreed to sell its 20% working interest in the PL1119 license, which contains Mistral discovery, to Japex Norge for $30 million.

The transaction, effective from January 1, 2026, is subject to customary government approvals and is expected to close by the end of the third quarter of 2026.

OKEA will retain a contingent consideration linked to a potential commercial discovery at the Mistral Nord prospect, preserving upside from future exploration.

The divestment, located outside the company’s core areas, is aimed at strengthening OKEA’s balance sheet and sharpening its focus on core assets.

The company said the deal is expected to generate a positive post-tax profit impact of about $25 million, to be recognized upon closing.

PL1119 has been part of OKEA’s portfolio since the APA 2018 licensing round. The Mistral Sør discovery was made in the first quarter of 2025 with estimated recoverable resources of 38 million barrels of oil equivalent.

A further exploration prospect, Mistral Nord, is planned to be drilled in the first quarter of 2027.

Following completion, license partners will be Equinor as operator with 60%, Inpex Idemitsu Norge with 20%, and Japex Norge with 20%.