Equinor Sells Assets in Ekofisk Area and Share in Martin Linge

Source: www.gulfoilandgas.com 5/10/2022, Location: Europe

Equinor and Sval Energi have entered into an agreement for the sale of Equinor’s non-operated share in the Greater Ekofisk Area and a minority share in Martin Linge (19%).

The agreement includes 7.604% of Ekofisk area licenses PL018, PL018B and PL275 (including the Ekofisk, Eldfisk and Embla fields, and 6.63922% in the Tor Unit).

With this agreement, Equinor will no longer have any ownership interests in the Greater Ekofisk Area but will retain a 51% ownership share in Martin Linge and continue as the operator of the field.

The deal also includes the sale of Equinor’s interest in Norpipe Oil AS (18.5%), part of the infrastructure transporting oil from the Greater Ekofisk Area to land.

The agreement includes a cash consideration of USD 1 billion and a contingent payment structure linked to realised oil and gas prices for both assets for 2022 and 2023.

Rune Nedregaard, Senior vice president Exploration Production South Norway, said:

Rune Nedregaard - portrait'With this transaction we are optimizing our oil and gas portfolio in line with Equinor’s strategy, capturing value from several of our assets.

'Ekofisk has played an important role in Norway and Equinor’s oil and gas journey as the first producing field on the Norwegian Continental Shelf. 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.

'We are also pleased to announce that the deal includes bringing in Sval Energi as a partner to the Martin Linge field, creating further value from this asset. Martin Linge started production in June 2021 and is now producing very efficiently. We are looking forward to collaborating further with Sval Energi to create more value from Martin Linge going forward.'

The closing of the transaction is subject to customary government and license approvals and is expected to be completed during the second half of 2022.

Cameroon >>  2/6/2023 - New Fortress Energy Inc. (“NFE” or the “Company”) announced that it has reached an agreement with Golar LNG Limited (“Golar”) for the sale of NFE’s ow...
Canada >>  2/6/2023 - Hawthorne Energy, LLC (“Hawthorne”) through its Canadian subsidiary HWN Energy Ltd. (“HWN Energy”) announced the closing of two large complementary as...

Italy >>  2/6/2023 - - CatC is a cost-effective, innovative type of continuous chemical recycling process to recover ultra-high purity monomers from sorted plastic waste, ...
United Kingdom >>  2/6/2023 - Egdon Resources plc, the UK Energy Company, is pleased to advise that it has entered into a Farmout Option Agreement (the "Agreement") with York Energ...

United States >>  2/6/2023 - Cardinal Midstream Partners (“Cardinal”), an independent midstream energy company based in Dallas, announced today it has closed its previously announ...
Zimbabwe >>  2/6/2023 - Vast Resources plc, the AIM-listed mining company, wishes to announce a further update to the RNS of 2 February 2023 regarding the settlement of histo...

Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.