(News Bulletin 247) – Equinor announces that it has reached an agreement to sell 28% of its working interest in PL037 (Statfjord region) to OKEA, with an effective date of January 1, 2023.

The total consideration is $220 million plus a contingent payment element based on oil and gas prices over a 3-year period.

A 28% working interest in PL037 will give OKEA 23.9% in the Statfjord unit, 28% in Statfjord Nord, 14% in the Statfjord Øst unit and 15.4% in the Sygna unit.

“With this transaction, we continue to optimize our oil and gas portfolio, welcoming an industrial player with expertise on end-of-life assets into the Statfjord partnership. This will contribute to the diversification and high value creation of the Statfjord region in the years to come,” said Camilla Salthe, senior vice president of Field Life Extension at FLX, a unit of Equinor responsible for operations relating to end-of-life assets.

Following the transaction with OKEA, Equinor will hold a 54.7% working interest and will remain the operator of the Statfjord field.

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