Norway's Equinor and the U.K.'s Faroe Petroleum agreed a number of transactions in the Norwegian Sea and on the Norwegian Continental Shelf (NCS) in the North Sea, Equinor announced on Wednesday.
The company said that these transactions would be calibrated as a balanced swap in terms of value with no cash consideration.
With the agreement, Equinor will increase its share in Njord field from 20 percent to 27.5 percent, and in the Bauge asset from 35 percent to 42.5 percent.
On the other hand, the Norwegian company's shares in Marulk, Alve, Ringhorne East and the Vilje assets will decrease as Faroe Petroleum will obtain stakes in these fields.
Equinor will transfer 17 percent of its share from the Marulk asset to Faroe Petroleum. The company will also transfer 28.9 percent from Vilje, 14.8 percent from Ringhorne East, and 32 percent from the Alve assets to Faroe Petroleum.
'The net effect of our agreement with Faroe is to upgrade Equinor’s portfolio in line with our updated roadmap for the NCS. We are strengthening our operated position in the prolific Njord area, which we believe continues to have considerable upside potential. We remain operator and majority equity holder in Alve, another important part of the Norwegian Sea for us. And we are reducing our exposure to non-core and partner-operated assets,' said Siri Espedal Kindem, Equinor’s senior vice president for operations in the North.
By Murat Temizer
Anadolu Agency
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