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.
