Equinor Acquires Equity Interest in Five North Sea Discoveries

Equinor Acquires Equity Interest in Five North Sea Discoveries

(IN BRIEF) Equinor has agreed to acquire an equity interest in five discoveries in the North Sea on the Norwegian continental shelf from Wellesley Petroleum. The discoveries are located in the Troll, Fram, and Kvitebjørn area, where Equinor has made seven discoveries since 2019. Equinor will increase its equity share in the following discoveries: an additional 18.8% in Grosbeak, 45% in Toppand, 40% in Atlantis, and 20% in Røver Nord and Røver Sør. Equinor has already begun field development projects to coordinate the development of these discoveries in collaboration with its partners.

(PRESS RELEASE) STAVANGER, 1-Mar-2023 — /EuropaWire/ — Equinor ASA (OSE:EQNR, NYSE:EQNR), an oil, gas, wind and solar energy company active in more than 30 markets globally, has announced an agreement to acquire an equity interest in five discoveries in the North Sea on the Norwegian continental shelf from Wellesley Petroleum AS. The discoveries are located in the Troll, Fram, and Kvitebjørn area, where Equinor has made seven discoveries since 2019.

As part of the transaction, Equinor will increase its equity share in the following discoveries: an additional 18.8% in Grosbeak, 45% in Toppand, 40% in Atlantis, and 20% in Røver Nord and Røver Sør.

While the Troll and Fram area is considered a mature part of the Norwegian continental shelf, it has recently emerged as an exploration hotspot, with Equinor making several discoveries in the area, including Swisher, Toppand, and Røver Nord and Sør.

“With this transaction, we strengthen our position in one of our core areas on the Norwegian continental shelf. These discoveries can be put into production with low costs and low CO₂ emissions by being connected to the suitable infrastructure in the area. Discoveries close to infrastructure are important for our ambition to maintain production at current levels from the NCS beyond 2030,” says Kjetil Hove, executive vice president for Exploration and Production Norway.

Equinor has already begun field development projects to coordinate the development of these discoveries in collaboration with its partners.

This acquisition is part of Equinor’s strategy to grow its presence in the North Sea and maintain a strong position in the Norwegian continental shelf. The company’s expertise in developing complex offshore projects, combined with its strong partnerships, enables it to deliver safe and efficient operations and contribute to the sustainable development of Norway’s natural resources.

Equinor’s ownership before and after transaction