Equinor Secures Majority Stake In Halten East
Date
11/7/2024 5:13:12 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, November 7. Equinor has
signed an agreement to acquire an 11.8% stake in the Halten East
Unit from Sval Energi, increasing its ownership in the project to
69.5%, Trend
reports.
This Acquisition strengthens Equinor's position in the ongoing
offshore development, located in the Kristin-Åsgård area of the
Norwegian Sea.
Halten East consists of six gas discoveries and three prospects,
all set to leverage existing infrastructure and processing capacity
at the Åsgård B platform. The estimated recoverable reserves in the
project are around 100 million barrels of oil equivalent, with
approximately 60% of that being gas, which will be exported to
Europe through the Kårstø terminal.
“This is an important project for us, with strong profitability
and low emissions, located in a core area for Equinor,” said Grete
Birgitte Haaland, Senior Vice President for Exploration and
Production North.“This transaction is aligned with our strategy of
optimising our portfolio on the Norwegian continental shelf to
secure long-term value creation.”
Halten East will be developed in two phases. The first phase,
spanning 2024 to 2025, includes drilling six wells for five of the
discoveries. The second phase, expected to begin in 2029, will
involve a sidetrack for one discovery and three optional wells for
additional prospects. The Halten East Unit was approved in May 2022
and is on track to begin production in 2025.
The transaction is contingent upon regulatory approvals, with
the effective date set for January 1, 2024.
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