Equinor sells Norwegian field stake in further push to focus portfolio

Norwegian oil and gas giant Equinor has signed an agreement with PGNiG to sell its non-operated interests in the Tommeliten discovery on the Norwegian Continental Shelf (NCS) for $220 million.

Equinor said on Thursday that the Tommeliten Alpha is a gas/condensate discovery that was made in 1976.

Through this transaction Equinor will divest its 42.38% interest in the Tommeliten Unit (PL 044 TA) and 30% interest in PL 044 in the North Sea. Both are operated by ConocoPhillips.

Back in 2015, ConocoPhillips reportedly decided to cancel the development project for the Tommeliten Alpha discovery amid low oil prices.

Net recoverable resources in Tommeliten Alpha are 52 million barrels of oil equivalent, Equinor said.

“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,” says Jez Averty, senior vice president for operations in the southern North Sea.

Closing is subject to approval by PGNiG’s Supervisory Board and customary conditions, including partner and authority approval.

This transaction follows Equinor’s sale of its operated interest in the King Lear discovery to Aker BP for $250 million on October 15.