Equinor has strengthened its portfolio on the Norwegian Continental Shelf through a strategic asset swap with Var Energi. Under the agreement, Equinor transferred a 32.5% interest and operatorship in the Peon gas discovery while retaining significant ownership, and in return acquired a 5% stake in the producing Fram field, increasing its ownership to 50%, as well as a 40% interest across the Mulder and Gronngylt discoveries, raising its stakes in those assets to 85%. Equinor also expanded its presence in the Grosbeak prospect by securing a 15% stake in the PL090JS discovery, increasing its total to 36%, and a 10% stake in the PL925 discovery, raising its ownership to 76%. The transaction improves the quality of Equinor's asset portfolio by exchanging a portion of a single undeveloped project for a diversified mix of producing assets and development opportunities, and accelerates the development of the Peon gas discovery, one of the largest undeveloped gas discoveries on the Norwegian Continental Shelf with estimated recoverable resources of 105 to 195 million barrels of oil equivalent.
Equinor ASA ADRAsset swap improves portfolio quality by exchanging undeveloped gas discovery for producing assets and development opportunities
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