Norwegian state-owned energy company Equinor has announced a value-neutral asset swap with Petoro, focusing on the Haltenbanken area of the Norwegian Continental Shelf (NCS).

The deal will see Equinor increase its stakes in the Heidrun field and Noatun discovery, while reducing its ownership in the Tyrihans field, the Castberg field, and the Carmen and Beta discoveries.

Heidrun and Tyrihans are reputed to be among the largest producing fields in the Halten area of the Norwegian Sea, with Heidrun noted for its long remaining life on the NCS.

Equinor currently holds a 13% interest in Heidrun, contrasted with Petoro's 57.8%.

In the Tyrihans field, Equinor has a 58.8% ownership, while Petoro has no equity.

Upon completion of this transaction, Equinor's ownership will adjust to 34.4% of Heidrun and 36.3% of Tyrihans.

Petoro's new stakes will be 36.4% in Heidrun and 22.5% in Tyrihans. Additionally, Equinor's share in Johan Castberg will stand at 46.3%.

Equinor executive vice-president for exploration and production Norway Kjetil Hove said: “We have a strategy to continue the development and the value creation on the Norwegian Continental Shelf and expect to maintain a high production with lower emissions towards 2035. Alignment of ownership around the larger production hubs are important enablers for long-term value creation.

“Although this is a value-neutral swap, this alignment of ownership will add more value to all parties from the Halten-area over time. Balanced partnerships will simplify commercial agreements, lower operating costs and accelerate new developments with added production at a lower cost,” Hove continued.

The asset swap is contingent on various regulatory approvals and must be approved by the Norwegian Parliament.

Last month, Equinor finalised an agreement with EQT, a US natural gas producer, to trade its operated assets in the state of Ohio for a share in the Northern Marcellus formation.

This exchange will result in Equinor divesting its full interest and operatorship in the Appalachian Basin assets in south-eastern Ohio, in exchange for a 40% non-operated working interest in EQT's assets in Pennsylvania.

To equalise the value of the transaction, Equinor will provide EQT with a cash consideration of $500m (Nkr5.5bn).

"Equinor and Petoro agree on Haltenbanken area asset swap " was originally created and published by Offshore Technology, a GlobalData owned brand.

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