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News // Companies

Equinor further focuses NCS portfolio

18 October 2018 , 17:25Neftegaz.RU346

Oslo, October 18 - Neftegaz.RU. Equinor has signed an agreement with PGNiG to sell its non-operated interests in the Tommeliten discovery on the Norwegian Continental Shelf (NCS) for a total of USD 220 million.


Tommeliten Alpha is a gas/condensate discovery that was made in 1976.

Through this transaction Equinor will divest its 42.38% interest in the Tommeliten Unit (PL 044 TA) and 30% interest in PL 044.

Both are operated by ConocoPhillips. Net recoverable resources in Tommeliten Alpha are 52 million barrels of oil equivalent.


“Equinor is committed to transforming the Norwegian Continental Shelf for decades to come. Realising this ambition requires prioritisation. We are selling this asset, so we can direct our efforts towards priority projects and assets that create higher value for us,” says Jez Averty, senior vice president for operations in the southern North Sea.


“The purchase of new assets in Norway is a natural and strategic investment direction for the PGNiG Group.  PGNiG has a long-term plan for Norway, and has already gained experience and well-established position in the region.  The investments made so far provide PGNiG Upstream Norway with positive and stable financial results at a relatively low level of risk,” Piotr Woźniak said .


This transaction follows Equinor’s sale of its operated interest in the King Lear discovery to Aker BP on 15 October.


Closing is subject to approval by PGNiG’s Supervisory Board and customary conditions, including partner and authority approval.


To read this news in Russian.


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