Norwegian late-life field specialist Okea has acquired a significant interest in the large mature Statfjord oil and gas field in the North Sea that operator Equinor believes has the potential to produce until about 2040.

Okea said it is acquiring a 28% working interest in permit PL037 (Statfjord Area) from Equinor for an initial fixed consideration of $220 million. There is also a contingent payment element based on oil and gas prices over a three-year period.

Equinor will remain as the operator with a 54.7%