Equinor has agreed to sell its stakes in two oil and gas fields, in the Norwegian North Sea, to private equity-backed Sval Energi for a cash consideration of $1bn.<\/p>\n
Sval Energi will acquire Equinors full stake in the Greater Ekofisk Area, which comprises three fields, and the Tor Unit, and a 19% stake in the Martin Linge field.<\/p>\n
Equinor owns a 7.6% stake in the Ekofisk area licences PL018, PL018B, and PL275 that includes the Ekofisk, Eldfisk, and Embla fields, and a 6.6% interest in the Tor Unit.<\/p>\n
As part of the deal, Equinor will also sell its 18% stake in the Norpipe oil pipeline that transports crude oil onshore from the Greater Ekofisk Area.<\/p>\n
Upon the completion of the deal, Equinor will own a 51% operatorship stake in the Martin Linge field and will have no stake in the Greater Ekofisk Area.<\/p>\n
The agreement also includes a contingent payment that is linked to the prices of oil and gas in 2022 and 2023.<\/p>\n
Equinor South Norway exploration production senior vice-president Rune Nedregaard said: With this transaction we are optimising our oil and gas portfolio in line with Equinors strategy, capturing value from several of our assets.<\/p>\n
Ekofisk has played an important role in Norway and Equinors oil and gas journey as the first producing field on the Norwegian Continental Shelf.<\/p>\n
The Greater Ekofisk Area is an area where Equinor has limited participation, and we have therefore decided to sell our position in the area during a period of high prices, and to redirect capital to other core areas for the business.<\/p>\n
Sval Energi expects the deal to add 30,000 barrels of oil equivalent per day to its portfolio.<\/p>\n
The transaction is scheduled to be completed during the second half of this year and is subject to customary government and licence approvals.<\/p>\n
Last month, Equinor announced that it had made a significant oil and gas discovery in the Kveikje prospect, in the Norwegian North Sea.<\/p>\n
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Equinor to divest $1bn worth stakes in two fields offshore Norway - Offshore Technology<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Equinor has agreed to sell its stakes in two oil and gas fields, in the Norwegian North Sea, to private equity-backed Sval Energi for a cash consideration of $1bn. Sval Energi will acquire Equinors full stake in the Greater Ekofisk Area, which comprises three fields, and the Tor Unit, and a 19% stake in the Martin Linge field. Continue reading