Equinor ASA is rising its place within the Norwegian Sea with an settlement to amass Sval Energi’s 11.8 % share within the Halten East Unit.
With the acquisition, Equinor will increase its possession to 69.5 %, the corporate mentioned in a information launch. The monetary particulars of the transaction weren’t disclosed.
The transaction is topic to varied regulatory approvals, with an efficient date of January 1, 2024.
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Halten East is an ongoing offshore improvement positioned within the Kristin-Åsgård space within the Norwegian Sea. The event contains six gasoline discoveries and three prospects, which can faucet present infrastructure and processing capability at Åsgard B, Equinor mentioned.
The recoverable reserves in Halten East are estimated to be round 100 million barrels of oil equivalents, of which roughly 60 % is gasoline that will likely be exported to Europe through Kårstø, in keeping with the discharge.
Halten East consists of the Gamma, Harepus, Flyndretind, Nona, Sigrid and Natalia discoveries. It’s a subsea improvement tied again to the Åsgard services and consists of the set up of three subsea templates within the south, and two subsea templates within the north. A complete of as much as ten wells are deliberate to be drilled, Equinor mentioned.
The southern buildings will likely be linked to a 30.4-mile (49-kilometer) pipeline from Mikkel South to the Åsgard subsea compressor manifold station (SCMS), whereas the northern construction will likely be tied right into a 13.7-mile (22-kilometer) pipeline from Natalia to the SCMS.
Equinor acknowledged that the event is deliberate to be carried out in two phases, with the drilling of six wells for 5 discoveries within the first section (2024-25). The second section (2029) features a sidetrack to 1 discovery and three non-obligatory wells for the prospects. The Halten East Unit was accredited in Could 2022 and is on observe to start out manufacturing subsequent yr, the corporate famous.
“Halten East is a vital undertaking with sturdy profitability and low emissions, in a core space for Equinor. The transaction is according to our technique of optimizing our portfolio on the Norwegian continental shelf to make sure long-term worth creation,” Grete Birgitte Haaland, Senior Vice President for Exploration and Manufacturing North, mentioned.
Final week, Equinor signed an settlement with EQT Company to amass further non-operated curiosity within the Northern Marcellus formation within the USA for $1.25 billion.
Beneath the settlement, Equinor will purchase one hundred pc of EQT’s remaining working curiosity in Northern Marcellus gasoline models primarily operated by Develop Vitality, in keeping with a separate information launch. The closing of the acquisition is topic to related regulatory approvals.
“The transaction will enhance cashflow from the worldwide portfolio by including pure gasoline volumes with low carbon depth emissions from manufacturing,” Equinor mentioned.
With the transaction, Equinor will increase its common working curiosity within the Northern Marcellus asset from 25.7 % to 40.7 %. The transaction provides roughly 80,000 barrels of oil equal per day (boepd) to Equinor’s US manufacturing.
EQT Company is among the largest producers of pure gasoline within the USA with operations in Pennsylvania, West Virginia, and Ohio.
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