Equinor has signed an agreement to acquire Sval Energi’s 11.8% share in the Halten East Unit. With this acquisition, Equinor increases its ownership to 69.5%.

Halten East is an ongoing offshore development located in the Kristin-Åsgård area in the Norwegian Sea. The development comprises six gas discoveries and three prospects, which will utilise existing infrastructure and processing capacity at Åsgard B.

The recoverable reserves in Halten East are estimated to be around 100 million barrels of oil equivalents, of which approximately 60% is gas that will be exported to Europe via Kårstø.

“Halten East is an important project with strong profitability and low emissions, in a core area for Equinor. The transaction is in line with our strategy of optimising our portfolio on the Norwegian continental shelf to ensure long-term value creation,” says Grete Birgitte Haaland, senior vice president for Exploration and Production North.

The development will be carried out in two phases, with the drilling of six wells for five discoveries in the first phase (2024-25). The second phase (2029) includes a sidetract to one discovery and three optional wells for the prospects. The Halten East Unit was approved in May 2022 and is on track to start production next year.

The transaction is subject to various regulatory approvals. The effective date of the transaction is 1 January 2024.

About Halten East

   - Halten East consists of the Gamma, Harepus, Flyndretind, Nona, Sigrid and Natalia discoveries.
   - Halten East is a subsea development tied back to the Åsgard facilities and includes the installation of three subsea templates in the south, and two subsea templates in the north.
   - A total of up to ten wells are planned to be drilled.
   - The southern structures will be tied in to a 49-kilometre pipeline from Mikkel South to Åsgard subsea compressor manifold station (SCMS)
   - The northern structure will be tied into a 22-kilometre pipeline from Natalia to SCMS.
   - Gas and oil/condensate are sent to Åsgard B for processing, and oil and condensate are stored in Åsgard C for export by tankers.
Produced gas is sent through the Åsgard Transport gas pipeline to Kårstø, and from there to Europe.

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 Sval Energi

Sval Energi is a Norwegian E&P company with operations on the Norwegian continental shelf. The business had a production of 70,000 net barrels of oil equivalent per day in 2022. Sval Energi is committed to emission reductions aligned with the targets set by Offshore Norge of 50 percent reduction by 2030 and net-zero by 2050, with CCS as a tool in its decarbonisation strategy.