Equinor to Buy Shell's Stake in Norwegian Sea Gas Field
By Dominic Chopping
Equinor has agreed to acquire Shell's equity in and operatorship of the Linnorm discovery in the Norwegian Sea, it said Thursday.
The Norwegian energy major said the agreement sees it acquire a 30% interest in the production license covering the discovery, bringing its share in the license to 50%.
The deal is expected to close during the first quarter of 2024.
"We know this area well, where we already have producing hubs and still see attractive opportunities," says Kjetil Hove, Equinor's executive vice president for exploration and production Norway.
The Linnorm discovery in the Norwegian Sea was proven in 2005 and is the largest undeveloped gas discovery on the Norwegian continental shelf, with an estimated 25-30 billion cubic meters of recoverable gas resources, Equinor added.
The deal is conditional on the approval of the Norwegian authorities.
Financial terms weren't disclosed.
Other partners in the license include Petoro with 30% and TotalEnergies with 20%.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
December 14, 2023 09:04 ET (14:04 GMT)
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