For Equinor, the move will see the company increasing its stakes in the Heidrun field and Noatun discovery while reducing its ownership in the Tyrihans field, the Castberg field, and the Carmen and Beta discoveries
![Haltenbanken Area](jpg/haltenbanken-area-e1715757445678-740x520.jpg)
Equinor and Petoro announce value-neutral asset swap agreement in the Haltenbanken area of the Norwegian Sea. (Credit: Harald Pettersen / Equinor)
Equinor and Norwegian state-owned company Petoro have signed a value-neutral asset swap agreement in the Haltenbanken area of the Norwegian Sea to harmonise their equity interests.
The agreement aims to enhance value creation and promote more efficient resource management in the companies’ operations on the Haltenbanken.
For Equinor, the move will see the firm increasing its stakes in the Heidrun field and Noatun discovery while reducing its ownership in the Tyrihans field, the Castberg field, and the Carmen and Beta discoveries.
The companies believe that the agreement will facilitate enhanced value creation for the Heidrun and Kristin/Tyrihans areas.
Currently, Equinor holds a 13% equity interest in Heidrun, with Petoro having a stake of 57.8%. Petoro will swap out ownership interests of 21.4% in Heidrun and 7.5% in Noatun.
In return, Petoro will receive ownership interests of 22.5% in Tyrihans, 3.7% in Johan Castberg, 9.3% in the Carmen discovery, and 10% in the Beta discovery. For Tyrihans, Equinor’s ownership stands at 58.8%, while Petoro does not hold any stake.
Petoro CEO Kristin Kragseth said: “Our good dialogue with Equinor has allowed us to reach an agreement that will lead to greater harmonisation and equalisation of important ownership interests.
“We are very confident that this will contribute to a more comprehensive and value-driven development of these fields, in the best interests of all involved parties.”
The Heidrun and Tyrihans fields are among the largest producers in the Halten area. According to Equinor, Heidrun is recognised for its long remaining life on the Norwegian continental shelf.
Upon completion of the transaction, Equinor’s stake in Heidrun will rise to 34.4%, while Petoro’s interest will adjust to 36.4%.
For Tyrihans, Equinor’s ownership will be reduced to 36.3%, and Petoro will gain a 22.5% share. Additionally, Equinor’s ownership in the Johan Castberg field will be 46.3%.
Equinor exploration and production Norway executive vice president Kjetil Hove said: “We have a strategy to continue the development and the value creation on the Norwegian continental shelf and expect to maintain a high production with lower emissions towards 2035.
“Alignment of ownership around the larger production hubs are important enablers for long-term value creation.”
The asset swap agreement is contingent upon various regulatory approvals, including the Norwegian Parliament’s consent. The effective date of the agreement is set for 1 January 2025.