On the initiative from Lundin Energy, Equinor and Lundin Energy have entered into an agreement where Equinor continues as operator in the operations phase for the Barents Sea Wisting field.

Equinor has been the operator of the Wisting field development phase since 1 December 2019. Based on the agreement with LundinEnergy, Equinor will continue its Wisting operatorship into the operations phase following an investment decision for the project.

“We are ready to continue our operatorship into the operations phase of the Wisting field, as proposed by Lundin Energy. We will ensure safe and efficient operation of the Wisting field, in close cooperation with our licence partners,” says Kristin Westvik, senior vice president for Exploration and production north in Equinor.

“This agreement further strengthens the relationship between Equinor and Lundin Energy and sets out a strong collaboration for exploration and operations in what will be the next Barents Sea production hub, says Charlotte Berge, director of Field Development in Lundin Energy Norway.

The Wisting licence partners will continue to mature the project towards a scheduled investment decision at the end of 2022. An impact assessment is scheduled to be completed during the first quarter of 2022.

The cooperation agreement between Equinor and Lundin Energy further includes exploration activities in the areas close to the Wisting field. Based on the agreement, Lundin Energy will take over the operatorship in the exploration phase for production licences PL1133 and PL 1134, that were awarded in the 25th licensing round and in the application for an additional licence in the area in this year’s application in predefined areas (APA) licensing round. The operatorship for the licences is scheduled to be returned to Equinor in a field development phase.

The ownership interests of these licences will be harmonised between the companies to ensure the same ownership structure as for the Wisting licence. This means that Lundin Energy will take over 15% of the ownership interests from Equinor in P1L133 and 5% of the interests in PL1134 from 1 January 2022.

About Equinor

Equinor (OSE:EQNR, NYSE:EQNR), is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.

About Lundin Energy

Lundin Energy is an experienced Nordic oil and gas company that explores for, develops and produces resources economically, efficiently and responsibly. We focus on value creation for our shareholders and wider stakeholders through three strategic pillars: Resilience, Sustainability and Growth. Our high quality, low cost assets mean we are resilient to oil price volatility, and our organic growth strategy, combined with our sustainable approach and commitment to decarbonisation, firmly establishes our leadership role in a lower carbon energy future. (Nasdaq Stockholm: LUNE).