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Monday 10 December 2018
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Equinor strengthens its position in the Norwegian Sea

Equinor strengthens its position in the Norwegian Sea

Equinor and Faroe Petroleum have agreed a number of transactions in the Norwegian Sea and the North Sea region of the Norwegian Continental Shelf (NCS).

These transactions are calibrated as a balanced swap when it comes to value with no cash consideration.

“The net effect of our agreement with Faroe is to upgrade Equinor’s portfolio in line with our updated roadmap for the NCS. We are strengthening our operated position in the prolific Njord area, which we believe continues to have considerable upside potential. We remain operator and majority equity holder in Alve which is produced via Norne, another important part of the Norwegian Sea for us. And we are reducing our exposure to non-core and partner-operated assets,” says Siri Espedal Kindem, Equinor’s senior vice president for Operations North.

The Njord field was in production from 1997 to 2016. The platform and the storage vessel have been brought to shore for an extensive upgrade. The field is planned to restart in 2020 and produce until 2040. The remaining reserves for the Njord and Hyme fields are estimated to be 175 million barrels of oil equivalent, while Bauge has a reserves estimate of 73 million barrels of oil equivalent.

The effective dates of the transactions are 1 January 2019 with closing subject to government approval.

ASSET

DESCRIPTION

EQUINOR
SHARE
BEFORE
TRANSACTION

EQUINOR
SHARE
AFTER
TRANSACTION

OPERATOR

Njord

Redevelopment project

20%

27.5%

Equinor

Bauge, Hyme

Subsea tiebacks to Njord

35%

42.5%

Equinor

Vilje

In production

28.9%

-

AkerBP

Ringhorne East

In production

14.8%

-

Point

Marulk

In production

50%

33%

Eni

Alve

In production

85%

53%

Equinor

 

Source : Link

Pasargad Energy Development Co. (PEDC) is an independent energy company based in Iran. PEDC is an integrated energy company whose activities span the entire value chain including exploration, production, refining, petrochemicals marketing, power generation & renewables as well as new high-tech venture capitalizing. Our headquarter is located in Tehran. PEDC is present across the Iranian continental shelf and international market through its subsidiaries. We create value for our shareholders through active investment, high-level monitoring of our projects, building world-class partnership and managing our risks effectively and making balanced portfolio. Meantime, we contribute to the sustainable development of the energy sector and communities in our country. PEDC’s competitiveness relies upon our values-based performance culture, with a strong commitment to transparency, cooperation and continuous operational improvement. As a wholly owned subsidiary of the Pasargad Financial Group, with Pasargad Bank being a distinctive shareholder, we owe our success to our experience, management knowledge and strong local/international partnerships since 2008. PEDC is committed to maintaining sustainability and being recognized as the strategic partner of choice in Iran’s energy and petrochemical sector.​

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  • Equinor strengthens its position in the Norwegian Sea
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