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Oil and Gas

Thommessen is one of Norway's leading oil and gas law firms, and has been engaged as advisers within the industry ever since the dawn of Norway's oil age.

Client successes

  • Johan Sverdrup development: We assisted Petoro, who headed the Mongstad team, in the negotiations with the Johan Sverdrup partners in relation to the tie-in, handling, storage and export of the oil from the Johan Sverdrup field to Mongstad.
  • Snorre expansion project: We assisted Petoro in connection with an export solution for the increased volumes of oil from the Snorre field – Snorre 2040. Snorre 2040 is a comprehensive lifetime extension project for the Snorre field, one of the largest fields on the Norwegian Continental Shelf.
  • Combination of BP Norge and DETNOR, creating Aker BP: We assisted BP International in the combination between BP Norge and DETNOR, which gave rise to the "new" E&P company Aker BP. The transaction value was approximately NOK 11 billion.
  • Acquisition of DONG's E&P business: We assisted INEOS in its acquisition of DONG E&P for a purchase price of USD 1 billion plus a contingent payment of up to USD 250 million. The deal was of major strategic significance to INEOS, positioning it as a top 10 company operating in the North Sea.
  • Acquisition of Edison's E&P business: We assisted Energean in its acquisition of Edison E&P for an initial consideration of USD 750 million, with additional consideration of USD 100 million. The acquisition creates one of the largest independent E&P companies on the London and Tel Aviv Stock Exchanges.
  • Acquisition of interest in the Nova development: We assisted ONE-Dyas in its acquisition of a 10% interest in the Nova development from Cairn for USD 59.5 million plus working capital adjustments. The Nova PDO was approved in 2018 and the field is expected to come on stream in 2021.
  • Acquisition of ExxonMobil's remaining production licenses on the NCS: We assisted Vår Energi, owned by Italian Eni and Norwegian HitecVision, in its acquisition of the remaining production licenses of ExxonMobil on the Norwegian Continental Shelf for USD 4.5 billion.

We have assisted in connection with all the major structural changes and transactions on the Norwegian continental shelf. Our lawyers have been involved in everything from the restructuring of the State's ownership interests on the Norwegian continental shelf and the privatisation and listing of Equinor to the merger of Equinor's and Hydro's oil and gas activities. We have also been heavily involved in recent years' transactions resulting from established international players turning their focus to other geographies.

Our oil and gas team assists oil companies, suppliers, public authorities, investment banks and investors. We provide advice at all stages of a project, regardless of size, scope or legal area – from idea to delivery or from incorporation to sale or listing. With our in-depth understanding of the industry and long experience in all areas of expertise, we are able to provide practical and commercially sound advice.

Our oil and gas department is top ranked in all Norwegian and international rankings.

Very thorough and commercial lawyers, with a good understanding of the market. Client
Chambers Europe, 2019

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