Equinor and Aker BP have agreed to swap stakes in several oil and gas fields offshore Norway, as part of a strategic collaboration aimed at increasing production and value creation across selected areas.
The companies said the agreement focuses initially on the Troll-Fram, Yggdrasil and Wisting areas, where they aim to accelerate development decisions and improve resource utilisation.
As part of the deal, Equinor will divest a 19% interest in several discoveries in the Ringvei Vest area to Aker BP, including Grosbeak, Røver Nord & Sør, Toppand and Swisher.
The parties also plan to include the Kveikje discovery in the planned Ringvei Vest cluster development, operated by Equinor, in the Troll-Fram area of the North Sea.
Equinor will additionally divest a 38.16% interest in the Frigg UK license to Aker BP to support coordinated appraisal and development of the Omega Alfa discovery and surrounding resource potential.
In return, Equinor will increase its ownership in the Wisting discovery from 35% to 42.5%, strengthening its position in what the company described as the largest undeveloped discovery on the Norwegian Continental Shelf.
Aker BP will pay Equinor a cash consideration of $23 million under the transaction package.
“Equinor and Aker BP have identified key areas to increase value creation from discoveries that have not yet been developed for production on the Norwegian continental shelf. We have completed important transactions that will contribute to efficient resource utilisation and greater value creation. By aligning interests across these assets, we can enable better and faster project decisions.
“These agreements will enable better development solutions, reduce complexity, and support value creation in line with our long-term strategy,” said Kjetil Hove, Executive Vice President for Exploration & Production Norway.
The agreements have an effective date of January 1, 2026 and remain subject to regulatory approvals.