From management buyout to full-cycle oil and gas company
Pandion Energy was established in November 2016 on the basis of the operational platform and six licences acquired from Tullow Oil Norge AS in a management buy-out, backed by Kerogen Capital. Today, Pandion Energy is a full-cycle oil and gas company, participating in the discovery, appraisal, development and production of oil and gas resources on the Norwegian continental shelf (NCS).
Over Pandion Energy’s seven years of operation, the company has made six discoveries out of seven drilling campaigns, representing a success rate exceeding 85 per cent. It has built a focused portfolio of production, discoveries, and exploration upsides near infrastructure, with a daily low cost production of 8,300 barrels of oil equivalent. In December 2022, Pandion Energy partnered in its fourth PDO to date, the joint development between the Fenris field and the revised PDO for the Valhall field where Pandion Energy holds a 10 per cent interest.
The company’s geographical footprint remains in the mature areas close to existing infrastructure in the greater Valhall and Gjøa areas of the North Sea, and the Haltenbanken area of the Norwegian Sea.
Achieving net zero
Since its inception, Pandion Energy has been committed to responsible and sustainable operations. Historically, the company’s GHG intensity level has ranged from 1.1 – 3.4 kg CO₂e per barrel of oil equivalent and has consistently been amongst the lowest in the global E&P industry and Norway. All of the producing fields in the company’s portfolio are powered by electricity from shore, keeping the carbon emissions associated with its oil and gas production at an inherently low level. In 2020, Pandion Energy became one of the first E&P companies to achieve carbon neutrality for scopes 1 and 2 emissions.