In a deal worth USD 1 billion, equivalent to DKK 7.05 billion, Equinor has sold 7.604%pct of the PL018, PL018B and PL275 licenses in the Ekofisk area (including the Ekofisk, Eldfisk and Embla fields and 6.63922% in the Tor unit) to Sval Energi. The deal also includes Equinor's ownership interest in Norpipe Oil AS (18.5%), which is part of the infrastructure for transporting oil from the Ekofisk area to land.
- With this transaction, we optimize Equinor's oil and gas portfolio and create value from several of our assets in line with the company's strategy, says Rune Nedregaard, Director of Exploration and Production South of the Norwegian Shelf. He continues:
- Ekofisk has played an important role in Norway's and Equinor's oil and gas history as the first producing field on the Norwegian Shelf. The Ekofisk area is an area where Equinor has limited participation. 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 of the business.
While Equinor is completely exiting the Ekofisk area with the sale to Sval Energi, as part of the deal, the Norwegian energy company is also inviting Sval Energi to become part of the Martin Linge Field. Here, Sval Energi will take over 19 percent of the ownership shares, which will, however, continue to have Equinor as the majority owner and operator.
- We are also pleased that Sval Energi will become a partner in Martin Linge. Production from Martin Linge started in June 2021, and is currently producing very efficiently. We look forward to continuing our collaboration with Sval Energi to create more value from the Martin Linge field in the future, he says.
In addition to 7.05 billion DKK, which Equinor will receive immediately, also has a contingent payment structure linked to realized oil and gas prices for both assets for 2022 and 2023. In order for the transaction to go through, the authorities must approve it. This is expected to happen in the second half of this year.
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