Equinor has struck a Norwegian continental shelf asset swap with Vår Energi that shifts operatorship of the Peon gas discovery to its partner while giving Equinor deeper exposure to producing and development assets around Troll and Fram, according to Equinor.
Under the deal, Equinor will transfer 32.5% in Peon across PL269, PL318, PL318B, PL318C and PL318D to Vår Energi. Vår Energi will also take operatorship. Equinor will retain 67.5% in PL269 and 27.5% in PL318, PL318B, PL318C and PL318D until completion. In return, Equinor will receive 5% in the Fram field across PL090, PL090E, PL090I and PL1179, raising its ownership to 50%. It will also take 40% of the Mulder and Grønngylt discoveries, subject to the carve-out of Fram PL090, lifting its stake to 85%, as well as 15% in PL090JS and 10% in PL925, both part of Grosbeak, increasing its stakes to 36% and 76%, respectively.
Equinor and its partners have chosen a tie-back to Gjøa as the development concept for Peon. The field is one of the largest undeveloped gas discoveries on the NCS, with estimated recoverable resources of 105m to 195m barrels of oil equivalent, and lies about 60 km from Gjøa. The development is expected to extend the life of the Gjøa hub, support long-term gas production from the area and send Peon gas for processing through Kårstø.
The transaction follows separate NCS asset swaps with Aker BP and DNO. Aker BP received 19% in licences covering Grosbeak, Swisher, Toppand and Røver, while Equinor received 7.5% in Wisting, increasing its ownership to 42.5%. In the DNO deal, Equinor received 20% of Røver N/S, 30% of Sjørøver Main and Sjørøver Vest, 10% of Mistral Sør, and 30% each of Tyrihans Øst and Bergknapp. DNO received 19% of Atlantis and 10% of Afrodite, near Kvitebjørn.
Completion of the Vår Energi transaction, including transfer of operatorship and carve-out, is subject to customary approvals. Equinor will remain operator until completion.
Equinor ASA is a Norwegian public limited energy company with operations in oil, gas, renewables and low-carbon solutions.
Vår Energi ASA is a Norwegian public limited exploration and production company with activities on the Norwegian continental shelf.
