Energy Voice | Equinor sells off two North Sea discoveries

Norwegian energy firm Equinor has announced it has completed the sale of two North Sea discoveries.

The deal is for two “non-core discoveries” in the Norwegian section of the North Sea, which Equinor announced in October.

Equinor’s 77.8% stake in the King Lear gas find has been sold to Aker BP for almost £200 million.

A second non-operated interest of 42.38% in the in the Tommeliten Unit (PL044 TA) and 30% in PL044 to PGNiG was sold for  for almost £175m.

King Lear is a gas/condensate discovery that was made in 1989 in blocks PL 146 and PL 333 in the Ekofisk area of the North Sea.

Estimated net recoverable resources are 77 million barrels of oil equivalent.

Jez Averty, senior vice president for operations in the southern North Sea, said in October: “This transaction is a further example of our strategy of capturing value from active portfolio management through the oil price cycles.

“We are divesting a low-priority asset in our NCS portfolio to a buyer who sees higher value. By doing so we unlock capital for investment in projects that offer higher returns for Equinor.”

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