Equinor and Vår Energi have agreed to a swap of assets on the Norwegian continental shelf (NCS). The transaction enables further maturation of the Peon gas discovery towards development and strengthens Equinor’s position in the Troll-Fram area.

Under the agreement, Equinor will transfer 32,5% of its interest in the Peon discovery and operatorship to Vår Energi as part of a broader asset swap. As part of the transaction, Equinor will receive interests in producing assets and development licences, including a 5% share in the Fram field and Vår Energi’s positions in the Grosbeak and Mulder discoveries and Grønngylt prospect that are part of the Ringvei Vest development (see fact box).

Equinor and its partners have agreed on the concept for the development of Peon with a tie-back solution to Gjøa. The development is expected to extend the lifetime of the hub and support long-term gas production from the area. The gas from Peon is expected to be processed through Kårstø, creating additional value for Equinor.

Peon is one of the largest undeveloped gas discoveries on the NCS, with estimated recoverable resources of 105–195 million barrels of oil equivalent. The discovery is located approximately 60 kilometres from the Gjøa field.

“This transaction enables us to speed up progress of one of the largest undeveloped gas discoveries on the NCS, Peon, while strengthening our position in the Troll-Fram area. The swap supports efficient development of resources and increased use of existing infrastructure. This is the latest in a series of transactions on the NCS where we have aligned interests across partnerships to enable faster tie-back developments”, says Kjetil Hove, executive vice president for Exploration & Production Norway.

The agreement with Vår Energi forms part of a series of transactions where Equinor has actively optimised its portfolio on the NCS.

The aim of the transactions has been to accelerate the development of discoveries and identify area solutions that benefit all parties, while strengthening Equinor’s position in producing assets and strategic licences:

  -Equinor and Aker BP have exchanged interests across several licences, including assets related to the Ringvei Vest and Yggdrasil area, strengthening positions in core areas.
  -Equinor and DNO have completed asset swaps covering discoveries and prospects in the Ringvei Vest area and on Haltenbanken, enabling better alignment across licences and partners.

Together, these transactions demonstrate how Equinor is progressing its strategy to optimise its NCS portfolio through active asset management and capital allocation.

Completion of the transaction, including transfer of operatorship and carve-out, is subject to customary approvals. Equinor will remain operator until completion.

Transactions Norwegian Continental Shelf

The agreement with Vår Energi includes the following licences:

Equinor receives:

  -5% in the Fram field (PL090, PL090E, PL090I and PL1179), increased ownership to 50%
  -40% of the discoveries of Mulder and Grønngylt (contingent on carve-out of Fram PL090), increased ownership to 85%
  -15% in PL090JS and 10% of PL925, both part of the Grosbeak discovery, increased ownership to 36% and 76% respectively

Vår Energi receives:

  -32,5% in Peon (PL269, PL318, PL318B, PL318C and PL318D) including the operatorship, Equinor retains 67,5% ownership in PL269 and 27,5% ownership in PL318, PL318B, PL318C and PL 318D.

The agreement with AkerBP included the following licenses on the NCS:

  -Aker BP receives 19% in licenses PL 090JS, PL 248I and PL 925 (Grosbeak), PL 248C (Swisher), PL 630 (Toppand) and PL 923 (Røver Nord and Røver Sør). Equinor retains 36%, 21% and 66% in Grosbeak licenses, 26% in Swisher, 76% in Toppand, and 61% in Røver.
  -Equinor receives 7.5% in PL 537 and PL 537B (Wisting), increased ownership to 42.5%.

The agreement with DNO included the following licenses:

Equinor receives:

  - 20 percent of Røver N/S, increased ownership to 80%
  - 30 percent of Sjørøver Main and Sjørøver Vest, increased ownership to 80%

These discoveries and prospects are in the Ringvei Vest area near the Troll field.

  - 10 percent of Mistral Sør, increased ownership to 60%
  - 30 percent of Tyrihans Øst, increased ownership to 70%
  - 30 percent of Bergknapp, increased ownership to 60%

These discoveries are located on the Haltenbanken.

DNO receives:

  - 19 percent of Atlantis, Equinor retains 56% ownership
  - 10 percent of Afrodite, Equinor retains 60% ownership

Both of these discoveries are near Kvitebjørn, where DNO already holds a 19 percent ownership share.

About Equinor

Equinor ASA is an international energy company headquartered in Norway. The company employs around 21,000 people worldwide. Equinor is already one of the world's most CO2-efficient producers of oil and gas. Equinor leverages strong synergies between oil, gas, renewables, carbon capture and hydrogen. Equinor participates in a consortium that has started the construction of the Northern Lights project, the world’s first full-scale and open-source CO2 transportation and storage project. The company has a growing portfolio in offshore wind with wind farms in Europe and the USA and is involved in various hydrogen projects throughout Europe.

About Vår Energi

Vår Energi is a leading independent upstream oil and gas company on the Norwegian Continental Shelf (NCS).