Equinor, Petoro sign asset swap for Norwegian shelf assets

Equinor ASA and Petoro AS have agreed to swap ownership of certain Norwegian shelf assets in a ‘value-neutral’ agreement that aids in value creation and more efficient resource management of the companies’ activities on the Halten Bank.

Equinor will increase its ownership in Heidrun field and the Noatun discovery and reduce its ownership in Tyrihans field and Castberg field, as well as the Carmen and Beta discoveries,the company said in a reease May 14.

Heidrun and Tyrihans are two of the largest producing fields in the Halten area in the Norwegian Sea. Heidrun is among the fields with the longest remaining life on the Norwegian continental shelf, Equinor said.

“Balanced partnerships will simplify commercial agreements, lower operating costs, and accelerate new developments with added production at a lower cost,” said Kjetil Hove, Equinor’s executive vice-president for exploration and production Norway.

Following the deal completion, which is subject to regulatory approvals and approval by the Norwegian Parliament, Equinor will own 34.4% in Heidrun and 36.3% in Tyrihans, while Petoro will own 36.4% in Heidrun and 22.5% in Tyrihans. Equinor ownership of Johan Castberg will be 46.3% and Petoro will own 23.7%. In Noatun, Equinor will own 27.5% and Petoro will own 0%. In Beta, Equinor will hold 50% interest, while Petoro will hold 10%. In Carmen, Equinor will hold 25.7% and Petoro will hold 36.4%.