Energy major Equinor (EQNR) has finalized a portfolio optimization across the Norwegian Continental Shelf by executing three independent asset swap agreements with Var Energi, Aker BP, and DNO, the company said on Tuesday.
The primary transaction features an exchange with Var Energi, where Equinor will cede a 32.5% interest and operatorship of the Peon gas discovery.
In return, Equinor will receive critical producing and development positions to consolidate its footprint in the Troll-Fram infrastructure hub.
This includes a 5% stake in the Fram field, raising ownership to 50%, alongside Var Energi's stakes in the Mulder and Grosbeak discoveries and the Gronngylt prospect, it stated.
In parallel transactions, designed to align joint-venture partnerships, Equinor completed separate portfolio adjustments with Aker BP and DNO.
The agreement with Aker BP transfers a 19% interest in a cluster of Ringvei Vest discoveries to the operator in exchange for a 7.5% equity bump in the Barents Sea's undeveloped Wisting oil discovery, bringing Equinor's total holding to 42.5%, plus a $23 million cash consideration.
Concurrently, the swap with DNO allows Equinor to consolidate its ownership up to 80% across the Rover and Sjorover prospects near the Troll field, alongside expanded stakes in the Tyrihans Ost, Bergknapp, and Mistral Sor discoveries in the Haltenbanken area.
The transactions await customary regulatory approvals, as per the company's statement.