Equinor Sells 28% Interest in North Sea License for Initial $220 Million
20 March 2023 - 8:59PM
Dow Jones News
By Dominic Chopping
Norwegian energy major Equinor ASA said Monday that it has
agreed to sell a 28% interest in production license PL037 in the
North Sea Statfjord oil and gas field to Okea ASA for an initial
$220 million.
Equinor will also receive a contingent payment based on oil and
gas prices over a three-year period, it said.
Following the transaction, Equinor will have a 54.7% working
interest and remain the operator of the Statfjord field.
Since production start in 1979, Statfjord has produced over 5.1
billion barrels of oil equivalent and created gross revenues of
over 1.675 trillion Norwegian kroner ($156.46 billion), Equinor
said.
"We still have high expectations for Statfjord and by developing
new ways of working we aim to extend the lifetime of the field
towards 2040 and reduce emissions with 50% by 2030," said Camilla
Salthe, senior vice president for field life extension at Equinor
unit FLX.
Closing of the transaction is subject to government approval and
is expected to be completed in fourth quarter of 2023.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
March 20, 2023 05:44 ET (09:44 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Equinor ASA (NYSE:EQNR)
Historical Stock Chart
From Apr 2024 to May 2024
Equinor ASA (NYSE:EQNR)
Historical Stock Chart
From May 2023 to May 2024