Petoro and Equinor will implement extensive swaps of ownership interests on the Norwegian shelf. The agreement will ensure higher value creation and more efficient resource management in the companies’ activities on the Halten Bank.

The companies believe this is a balanced and productive agreement for the parties. In particular, the agreement will facilitate increased value creation for the Heidrun and Kristin/Tyrihans areas.

Petoro will swap out ownership interests of 21.4 per cent in Heidrun and 7.5 per cent in Noatun. Petoro will receive ownership interests of 22.5 per cent in Tyrihans, 3.7 per cent in Johan Castberg, 9.3 per cent in the Carmen discovery and 10 per cent in the Beta discovery.

“Our good dialogue with Equinor has allowed us to reach an agreement that will lead to greater harmonisation and equalisation of important ownership interests. We are very confident that this will contribute to a more comprehensive and value-driven development of these fields, in the best interests of all involved parties,” says Petoro CEO Kristin Kragseth.

The agreement is value-neutral, which means that the interests the companies are swapping are assessed as having equal value.

The agreement is contingent on approval by the authorities and consent from the Parliament (Storting). The plan is for the agreement to take effect from 1 January, 2025.

About Petoro

The Norwegian State has substantial holdings in several oil and gas fields, pipelines and land facilities linked to the Norwegian continental shelf through the State’s Direct Financial Interest (SDFI). Petoro AS manages these interests. The Company’s most important task is to ensure maximum value and achieve the highest possible income to the State from SDFI. The entire cash flow from SDFI is transferred to the Government Pension Fund Global (the Petroleum Fund).

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.