Equinor takes Stake in Wellesley O&G Finds

Equinor agreed to buy oil and gas stakes in five discoveries in the Troll, Fram and Kvitebjoern areas of the North Sea from Wellesley Petroleum AS.The amount for the purchase was undisclosed

The transaction strengthens Equinor's position in a core area on the Norwegian continental shelf (NCS) that has emerged as an "exploration hotspot" in recent years, the company said in a statement.

"These discoveries can be put into production with low costs and low CO2 emissions by being connected to the suitable infrastructure in the area," said Kjetil Hove, executive vice president for exploration and production in Norway.

Equinor’s ownership before and after transaction:

• Atlantis – license PL878/878B/878C
  Before: 40% – After: 80%
• Grosbeak – license PL248I
  Before: 40% – After: 55%
• Grosbeak – license PL925
  Before: 40% – After: 85%
• Røver Nord/Sør – license PL923/PL923B
  Before: 40% – After: 60%
• Toppand – license PL630/PL630CS
  Before: 50% – After: 95%

(Reuters & OE)