Equinor Sells 28% Interest in North Sea License for Initial $220 Million

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 [e-mail]

(END) Dow Jones Newswires

March 20, 2023 05:44 ET (09:44 GMT)

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