What Concedo does

Concedo AS is a privately held Norwegian oil and gas exploration company headquartered in Asker, Norway, founded in 2006 and pre-qualified as a licensee on the Norwegian Continental Shelf (NCS) since 2007. The company has historically operated as a non-operating partner in production licenses operated by major NCS players — Equinor, Aker BP, DNO, Vår Energi, Shell, and others — generating value through license awards in APA rounds, farm-in arrangements, and asset purchases, with a historical model of monetizing discoveries via sale to operators prior to development. Its core capability is integrated subsurface evaluation: geological and geophysical prospect generation, seismic data analysis, and reservoir characterization, executed by a compact team of approximately 20 professionals, 80% of whom are geologists and geophysicists with 20+ years of average industry experience. The company specializes in NCS plays, particularly injectite sandstone reservoirs and Paleocene prospects.

In 2024–2026 Concedo executed a deliberate transition from a pure exploration company ("E-company") to an exploration-and-production company ("E&P-company"). It acquired its first producing asset — a 20% interest in the Bøyla field from Vår Energi for USD 24 million (closed November 2024) — followed by a transformational acquisition of a 25% interest in Fenja/Vidsyn from Vår Energi for up to USD 350 million (closed June 2026), which lifted pro forma daily production from 1,200 to 3,200 boepd. The company also received operator pre-qualification from the Norwegian Ministry of Energy in October 2025 and secured its first operated license (PL 1292, 50%) in the APA 2025 round. Concedo's go-to-market is exclusively B2B and enterprise: it participates in NCS licensing rounds, negotiates farm-ins and asset acquisitions with majors and independents, and operates as a non-operating partner (and now, increasingly, as operator) in production licenses. Revenue is commodity-linked, with no consumer-facing pricing.

In 2026, shareholders representing 99% of Concedo accepted an offer from Attica Exploration AS, a newly formed vehicle backed by Lundin family members, to acquire the company for cash and/or shares, pending Norwegian government approval. Upon completion, Concedo would become a wholly-owned subsidiary of Attica, with the Lundin family assuming majority control. The transaction signals a significant recapitalization event designed to fund further E&P expansion on the NCS.

Name

Concedo

Legal name

Concedo AS

Website

https://concedo.no

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Norwegian oil and gas exploration company on the Norwegian Continental Shelf, transitioning from non-operating exploration partner to operator with recently acquired producing interests in the Bøyla and Fenja fields.

Ownership category

akta.pro rank

Headquarters

HQ city

Asker

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Supply Chain, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Oil and Gas Production: Revenue generated from production shares in producing fields including Bøyla (20% interest acquired 2024) and Fenja/Vidsyn (25% interest acquired 2026). Pro forma daily production increasing from 1,200 to 3,200 boepd in Q2 2026.
2. Asset Divestiture: Value creation through selling discoveries prior to development, avoiding capital-intensive field development investments while realizing value from exploration success.
3. License Participation: Revenue from participation in exploration licenses with varying ownership stakes, with the company targeting 5-10,000 boe/day production through license acquisitions and farm-ins.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Concedo is an upstream oil and gas company focused on exploration, prospect evaluation, and production on the Norwegian Continental Shelf. It holds interests in 13 production licenses in the Northern North Sea and Barents Sea, delivers technical subsurface evaluation services within license partnerships, and produces hydrocarbons through owned interests in the Fenja/Vidsyn (25%) and Bøyla (20%) fields. In 2026 the company secured its first operated license (PL 1292), marking its transition from partner-only explorer to operating E&P company.

Product overview

Concedo is a Norwegian oil and gas exploration company that has evolved from an 'E-company' (exploration-focused) to an 'E&P-company' (exploration and production). The company's core offering consists of oil and gas exploration services on the Norwegian Continental Shelf, with a portfolio of 13 production licenses in the Northern North Sea and Barents Sea regions. Concedo recently transitioned into production through acquisitions of interests in the Fenja/Vidsyn assets and the Bøyla field, increasing daily production from 1,200 to 3,200 boepd. The company secured its first operatorship (PL 1292) in January 2026 and received operator pre-qualification from the Ministry of Energy in October 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• Oil and Gas Exploration Services Integrated geological and geophysical exploration services on the Norwegian Continental Shelf covering subsurface evaluation, prospect generation, maturation, and licensing-round work. Delivered as a non-operating partner to major oil and gas companies within production licenses.
• Norwegian Continental Shelf Production License Portfolio Portfolio of 13 production licenses on the Norwegian Continental Shelf with a 28% average working interest, spanning exploration acreage in the Northern North Sea, North Sea, and Barents Sea regions. Includes PL 1182 S, PL 1251, PL 1253, PL 1254, PL 1288 S, and the operated PL 1292.
• Fenja and Vidsyn Hydrocarbon Production Assets Hydrocarbon production assets on PL 586 and PL 586 B, in which Concedo holds a 25% interest, with Vår Energi retaining 50% and remaining operator. Production forms part of Concedo's transition from exploration-only to production-enabled E&P.
• Bøyla Field Production Asset Hydrocarbon production interest in the Bøyla field operated by Aker BP (80%) and tied back to the Alvheim FPSO, providing Concedo with its first producing asset and ongoing cash flow on the NCS.

Quantifiable outcome

• Pro forma daily production increasing from 1,200 to 3,200 boepd following Fenja acquisition
• +3 more outcomes

Named customers10 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Attica Exploration AScoreStrategic or Co-development PartnerConcedo becomes 100% owned subsidiary of Attica Exploration AS, a newly formed private entity backed by Lundin family members for entry on the NCS. Shareholders representing 99% of Concedo shares accepted the offer with settlement in cash and/or shares. Transaction subject to government approval.
• Equinor Energy AScoreStrategic or Co-development PartnerPartner in multiple licenses including PL 1288 S (20%), PL 1292 (20%), PL 1253 (30%), and PL 1254 (20%). Major Norwegian energy company operating on the NCS.
• Aker BP ASAcoreStrategic or Co-development PartnerLicense partner in PL 1182 S (30%), PL 1253 (operator 30%), PL 1176 (operator 60%), and Bøyla field (operator 80%). Operator of multiple production licenses in which Concedo holds interests.
• DNO Norge AScoreStrategic or Co-development PartnerLicense operator in PL 1251 (50%) and PL 1182 S (40% operator). Partner in Kjøttkake discovery with 15% interest held by Concedo.
• Vår Energi ASAcoreStrategic or Co-development PartnerSeller of Bøyla (20%) and Fenja (25%) assets to Concedo. Partner in PL 1254 (operator 40%) and PL 1292 (20%). Goliat and Fenja field operator.
• OMV (Norge) ASminorStrategic or Co-development PartnerPartner in PL 1292 (30% interest) awarded in APA 2025.
• Petoro ASminorStrategic or Co-development PartnerPartner in PL 1253 (20%) and PL 1254 (20%).
• Japex Norge ASminorStrategic or Co-development PartnerPartner in PL 1182 S (15% interest) alongside DNO, Aker BP, and Concedo.
• Pandion Energy ASminorStrategic or Co-development PartnerPartner in PL 1288 S (20% interest) awarded in APA 2025.
• A/S Norske ShellminorStrategic or Co-development PartnerOperator of PL 1253 (30% interest) awarded in APA 2024.
• Neptune EnergyminorStrategic or Co-development PartnerOperator of PL 1211 (50% interest) awarded in APA 2023.
• Longboat Energy / Longboat JAPEX Norge ASminorStrategic or Co-development PartnerConcedo farmed into PL 1182 S and PL 1049 through agreement with Longboat. In PL 1182 S, Concedo acquired 15% interest; Longboat farmed down from 30% to 15% with full carry of Lotus/Kjøttkake exploration well. In PL 1049, Concedo acquired 15% with Longboat carrying 15% of exploration expenditure.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• OMV (Norge) AS: NCS-focused subsidiary of OMV Group with exploration and production interests in Norway. OMV is a partner with Concedo in PL 1292 and operates in the same NCS exploration and production niche.
• Longboat Energy / Longboat JAPEX Norge: NCS-focused exploration company that farmed down interests to Concedo in PL 1182 S and PL 1049. Operates as a small-cap NCS explorer with a comparable business model of acquiring and maturing exploration acreage.
• OKEA ASA: Norwegian independent E&P company focused on production and development on the NCS, with a similar size and asset profile to Concedo. OKEA operates producing fields and participates in exploration licenses in the same basins, making it a directly comparable mid-sized NCS E&P.
• Lime Petroleum AS: NCS-focused upstream company backed by Rex International, holding exploration and producing assets on the Norwegian Continental Shelf. Lime operates in a similar niche of small-to-mid cap NCS E&P with comparable scale and asset mix.
• Pandion Energy AS: Norwegian NCS-focused E&P with interests in production, development, and exploration. Pandion is a partner with Concedo in PL 1288 S and operates in a similar NCS niche of mid-sized licenses in mature basins.
• DNO ASA: Norwegian oil and gas operator active on the NCS with both operated and non-operated exploration and production interests. DNO operates multiple licenses in which Concedo is a partner (e.g., PL 1251, PL 1182 S / Kjøttkake), making it a directly comparable NCS-focused E&P.
• Vår Energi ASA: Leading Norwegian independent E&P on the NCS, operator of Fenja, Goliat, and other fields. Vår Energi is a direct counterpart to Concedo in recent asset transactions and operates several joint licenses, making it a closely comparable NCS-focused peer.

Broad incumbents

• Equinor ASA: State-major and the dominant NCS operator, active across exploration, development, and production. Equinor is a key partner for Concedo in multiple licenses and represents the broad incumbent that any smaller NCS player must partner with or compete against.
• Aker BP ASA: One of the largest independent E&P companies on the NCS, operating major fields including Alvheim (Bøyla host), with a broad portfolio spanning exploration, development, and production. Aker BP is both a Concedo partner and a much larger incumbent with overlapping NCS activity.

Others

• Petoro AS: Norwegian state-owned company that manages the State's Direct Financial Interest (SDFI) in NCS licenses. Petoro is a passive partner in several Concedo licenses (PL 1253, PL 1254) rather than a direct competitor, but is a key ecosystem participant in Norwegian upstream.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/concedo-as

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles23 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Concedo