Equinor boosts stake in offshore discovered fields

Norway

STAVANGER, March 3, 2023 – Equinor has increased its interest in five oil and gas discoveries in the North Sea, the Norwegian NOC announced on Wednesday.

The areas have been acquired through a deal with independent Wellesley Petroleum, all located on the Norwegian continental shelf.

The acquisitions will see the energy giant increase its shares of the PL 878, PL 878B and PL 878C concessions from 40% to 80%.

These concessions contain the Atlantis discovery.

The company is increasing its shares in the PL 248I block from 40% to 55% and the PL 925 block from 40% to 85%.

These concessions contain the Grosbeak discovery.

Equinor is also raising its stake in the PL 923 and PL 923B blocks from 40% to 60%.

These areas contain the Røver Nord and Sør plays.

Additionally, the company is increasing its shares in the PL 630 and PL 630CS licences from 50% to 95%.

These concessions contain the Toppand discovery.

“These discoveries can be put into production with low costs and low carbon dioxide emissions by being connected to the suitable infrastructure in the area,” said Kjetil Hove, executive vice-president for exploration and production in Norway.

Financial terms were not disclosed.