Equinor and Petoro Make Asset Swap Deal for Several Fields Offshore Norway

The Heidrun field on Haltenbanken in the Norwegian Sea (Credit: Harald Pettersen / Equinor)
The Heidrun field on Haltenbanken in the Norwegian Sea (Credit: Harald Pettersen / Equinor)

Energy firms Equinor and Petoro have entered into a value-neutral asset swap agreement for the Haltenbanken area, including the Heidrun and Tyrihans producing fields, offshore Norway.

Equinor will increase its ownership in the Heidrun field and Noatun discovery and reduce its ownership in the Tyrihans field and the Castberg field, as well as the Carmen and Beta discoveries.

Currently, Equinor holds a low equity interest in the Heidrun field of 13.0%, while Petoro has an equity interest of 57.8%. For Tyrihans, Equinor’s ownership is high, at 58.8%, while Petoro does not hold any equity.

Following the completion of the transaction, 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%.

The swap agreement is subject to various regulatory approvals and consents by the Norwegian Parliament. The effective date of the agreement is January 1, 2025.

“We have a strategy to continue the development and the value creation on the Norwegian continental shelf and expect to maintain a high production with lower emissions towards 2035. Alignment of ownership around the larger production hubs are important enablers for long-term value creation.

“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.

“Although this is a value-neutral swap, this alignment of ownership will add more value to all parties from the Halten-area over time. Balanced partnerships will simplify commercial agreements, lower operating costs, and accelerate new developments with added production at a lower cost,” Hove continues,” said Kjetil Hove, executive vice president for Exploration and Production Norway.

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