Equinor Sells Tommeliten Discovery Stake

Equinor Sells Tommeliten Discovery Stake
Equinor signs an agreement with PGNiG to sell its non-operated interests in the Tommeliten discovery on the Norwegian Continental Shelf for a total of $220 million.

Equinor announced Thursday that it has signed an agreement with PGNiG to sell its non-operated interests in the Tommeliten discovery on the Norwegian Continental Shelf for a total of $220 million.

Through the transaction Equinor will divest its 42.38 percent interest in the Tommeliten Unit and 30 percent interest in PL 044. Both are operated by ConocoPhillips. Closing of the sale is subject to approval by PGNiG’s supervisory board and customary conditions, including partner and authority approval.

Tommeliten Alpha is a gas/condensate discovery that was made in 1976. Net recoverable resources in Tommeliten Alpha are 52 million barrels of oil equivalent, Equinor states on its website.

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

Piotr Wozniak, president of the management board of PGNiG, said the purchase of shares in the Tommeliten Alpha deposit “is of great importance to PGNiG”. 

“First of all, it will significantly increase our production in the region from which the Baltic Pipe gas pipeline is planned to send gas to Poland. Thanks to this transaction, we enter the elite group of companies that carry out extraction from the Ekofisk area, where one of the largest hydrocarbon deposits in Europe is located,” he added.

“The Tommeliten Alpha project allows us to implement a strategy of supply diversification and is economically attractive, and this is good news for shareholders,” Wozniak continued.

Earlier this week, Aker BP entered into an agreement with Equinor to acquire its 77.8 percent interest in the King Lear gas/condensate discovery, located in the Norwegian North Sea, for a cash consideration of $250 million.



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