Wellesley, Equinor Swap Offshore Assets in Norway

July 27, 2021

Credit: momius/AdobeStock
Credit: momius/AdobeStock

Stavanger-based oil firm Wellesley Petroleum on Monday said it would swap certain oil and gas assets offshore Norway with the Norwegian energy giant Equinor.

 Equinor will take a 40% participating interest in licenses PL090 JS, PL248 I and PL925, containing the Grosbeak and Kallåsen discoveries, and will assume operatorship of all three licenses.

Wellesley will acquire a 10% participating interest in licence PL942, containing the Ørn discovery, and a 20% participating interest in licenses PL878 and PL878 B, containing the Atlantis and Canon discoveries.

Chris Elliott, CEO of Wellesley said:" This transaction provides Wellesley with a balanced non-operated oil and gas development portfolio with very favorable ESG characteristics. We are proud of our role in operating a successful appraisal campaign on Grosbeak and moving the asset through the DG1 development phase. Post-transaction, Wellesley will retain a  23.7% participating interest in Grosbeak."

At this point, Equinor is the best-placed company to operate the project, given their development experience in the area. We look forward to maturing Grosbeak towards FID together with Equinor and our partners.

Ørn and Atlantis are highly attractive gas development assets, and as a result of this transaction, Wellesley will hold a material 40% participating interest in each project. We will continue to contribute as an active non-operating partner to secure a 2022 PDO submission for Ørn and to mature Atlantis and Canon as subsea tiebacks to the Kvitebjørn facility.”



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