Offshore staff
STAVANGER, Norway — Equinor and Petoro have entered an asset swap agreement covering various fields in the Haltenbanken area of the Norwegian Sea and the Barents Sea.
Under the arrangement, Equinor will increase its present operated interest in the Heidrun Field from 13% to 34.4% and also in the Noatun gas-condensate discovery north of the Njord Field.
The company’s ownership in the Tyrihans Field will reduce from 58.8% to 36.3%, its operated share of the Johan Castberg Field development will fall to 46.3%, and its share of the Carmen and Beta discoveries will also come down.
Petoro will own 36.4% in Heidrun, 22.5% in Tyrihans, 3.7% of Castberg, 9.3% of Carmen and 10% of Beta.
Equinor views Heidrun as among the fields with the longest remaining life on the Norwegian Continental Shelf.
“Although this is a value-neutral swap, this alignment of ownership will add more value to all parties from the Halten area over time,” said Kjetil Hove, Equinor's executive vice president for exploration and production Norway. “Balanced partnerships will simplify commercial agreements, lower operating costs and accelerate new developments with added production at a lower cost.”
Petoro CEO Kristin Kragseth added, “We are very confident that this will contribute to a more comprehensive and value-driven development of these fields, in the best interests of all involved parties."
Pending regulatory and parliamentary approvals, the transaction should take effect on Jan. 1, 2025.
05.14.2024
