Poland's PGNiG signed a sales and purchase agreement with Norwegian Equinor to buy its working share of the Tommeliten gas and condensate field, located in the southern part of the Norwegian Continental Shelf, Equinor announced on Friday.
The company said that the agreement is worth around $220 million.
The Tommeliten field, which was discovered in 1976, will be developed with the participation of large and experienced oil companies.
The operator is ConocoPhilips with a 28.26 percent share. Equinor holds a 42.38 percent working interest, the entirety of which it will sell to PGNiG through the agreement. Other partners include Total with a 20.23 percent interest and Eni Norge with a 9.13 percent share.
Net recoverable resources in the field are estimated at 52 million barrels of oil equivalent.
"Equinor is committed to transforming the Norwegian Continental Shelf for decades to come. Realizing this ambition requires prioritization. We are selling this asset, so we can direct our efforts towards priority projects and assets that create higher value for us," said Jez Averty, Equinor's senior vice president for operations in the southern North Sea.
This transaction follows Equinor’s sale of its operated interest in the King Lear discovery to Aker BP on Oct. 15.
By Murat Temizer