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Equinor and Petoro agree to harmonise equity interests

(UTC)
The Heidrun field on Haltenbanken in the Norwegian Sea
The Heidrun field on Haltenbanken in the Norwegian Sea
Photo: Harald Pettersen / Equinor

Equinor and Petoro have entered into a value-neutral asset swap agreement in the Haltenbanken area.

Equinor will increase its ownership in the Heidrun field and Noatun discovery and reduce its ownership in the Tyrihans field and the Castberg field, as well as the Carmen and Beta discoveries.

Kjetil Hove - portrait
Kjetil Hove, executive vice president for Exploration and Production Norway
Photo: Sheyda Aalgaard / Equinor

“We have a strategy to continue the development and the value creation on the Norwegian continental shelf and expect to maintain a high production with lower emissions towards 2035. Alignment of ownership around the larger production hubs are important enablers for long-term value creation,” says Kjetil Hove, executive vice president for Exploration and Production Norway.

Heidrun and Tyrihans are two of the largest producing fields in the Halten area in the Norwegian Sea. Heidrun is among the fields with the longest remaining life on the Norwegian continental shelf.

“Although this is a value-neutral swap, this alignment of ownership will add more value to all parties from the Halten-area over time. Balanced partnerships will simplify commercial agreements, lower operating costs, and accelerate new developments with added production at a lower cost,” Hove continues.

Currently, Equinor holds a low equity interest in the Heidrun field of 13.0%, while Petoro has an equity interest of 57.8%. For Tyrihans, Equinor’s ownership is high, at 58.8%, while Petoro does not hold any equity.

Following the completion of the transaction, Equinor will own 34.4% in Heidrun and 36.3% in Tyrihans, while Petoro will own 36.4% in Heidrun and 22.5% in Tyrihans. Equinor ownership of Johan Castberg will be 46.3%.

The swap agreement is subject tovarious regulatory approvals andapproval by the Norwegian Parliament. The effective date of the agreement is 1 January 2025.

Facts

Heidrun
Change in Equinor ownership: +21.4%
Equinor ownership post-swap: 34.4%
Petoro ownership post-swap: 36.4%

Tyrihans
Change in Equinor ownership: -22.5%
Equinor ownership post-swap: 36.3%
Petoro ownership post-swap: 22.5%

Johan Castberg
Change in Equinor ownership: -3.7%
Equinor ownership post-swap: 46.3%
Petoro ownership post-swap: 23.7%

Noatun
Change in Equinor ownership: +7.5%
Equinor ownership post-swap: 27.5%
Petoro ownership post-swap: 0%

Beta
Change in Equinor ownership: -10%
Equinor ownership post-swap: 50%
Petoro ownership post-swap: 10%

Carmen
Change in Equinor ownership: -9.3%
Equinor ownership post-swap: 25.7%
Petoro ownership post-swap: 36.4%