Cairn Energy sells £50 stake in Nova development

06/08/2019 08:55 Oil Market


Scottish oil and gas firm Cairn Energy has announced that it has sold off a stake in its Nova development off the coast of Norway.

The 10% stake has been sold as a farm-out agreement to One-Dyas Norge for almost £50 million.


Edinburgh-headquartered Cairn said it will retain a participating interest of 10% interest in the Nova development and reduce its capital expenditure by £90m in the project to the end of 2021.


The transaction remains subject to written consent by the Norwegian Ministry of Petroleum and Energy, partner and third-party approvals.


Ownership of Nova now sits at Wintershall DEA (Operator) 45%, Spirit Energy 20%, Edison 15%, Cairn 10%, One-Dyas 10%.


First oil is targeted for 2021.


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