Equinor Sells Tommeliten Discovery Stake
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.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Oil and Gas Executives Predict WTI Oil Price
- Brand Finance Ranks Most Valuable, Strongest Oil and Gas Brands
- Canacol Makes New Gas Discovery in Colombia's Magdalena Basin
- FortisBC Denies Gas Greenwashing as Suit Awaits
- Centcom Outlines Latest Red Sea Moves
- Credit Agricole Helps NGP Secure Funds for Fishery-Solar Projects in Taiwan
- Egypt Plans to Meet Summer Fuel Needs with LNG Imports
- Industry Protests Proposed Methane Fee Guidelines for O&G Facilities in US
- Exxon, Cnooc Merge Guyana Arbitration Claims Against Chevron
- Ruptured Oil Pipeline Causes South Sudan's Revenues to Nosedive
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Executives Predict WTI Oil Price
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Blockchain Demands Attention in Oil and Gas
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Brand Finance Ranks Most Valuable, Strongest Oil and Gas Brands
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension