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Equinor Swaps Assets for Streamlined Norway Operations

Lekha Gupta
May 14, 2024

Equinor ASA (NYSE:EQNR) inked a value-neutral asset swap agreement with Norwegian state-owned oil firm Petoro in the Haltenbanken region.

As per the terms, Equinor will increase its ownership in the Heidrun field and Noatun discovery and reduce its ownership in the Tyrihans field and the Castberg field, as well as the Carmen and Beta discoveries.

Heidrun and Tyrihans are two of the largest producing fields in the Halten area in the Norwegian Sea. 

Currently, Equinor holds a low equity interest in the Heidrun field of 13.0%, while Petoro has an equity interest of 57.8%. 

For Tyrihans, Equinor’s ownership is high, at 58.8%, while Petoro does not hold any equity.

Post deal closure, Equinor will own 34.4% of Heidrun and 36.3% of Tyrihans, while Petoro will own 36.4% of Heidrun and 22.5% of Tyrihans. Meanwhile, Equinor’s ownership of Johan Castberg will be 46.3%.

The swap agreement, which is effective January 1, 2025, is subject to regulatory approvals and approval by the Norwegian Parliament. 

Kjetil Hove, executive vice president for Exploration and Production Norway 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.”

Also Read: Equinor Pumps Millions Into Standard Lithium’s Sustainable Projects

Last month, Equinor reported adjusted revenue and other income declined 13% Y/Y to $24.79 billion, above the consensus of $22.24 billion.

Investors can gain exposure to the stock via Macquarie ETF Trust Macquarie Energy Transition ETF (PWER) and Pacer Developed Markets International Cash Cows 100 ETF (ICOW).

Price Action: EQNR shares are down 0.02% at $28.67 at the last check Tuesday.

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