Equinor acquired a 40% participating interest of Wellesley Petroleum’s licenses, including the Grosbeak and Kallåsen discoveries in an asset swap deal with Wellesley, according to a press release.

Equinor will assume operating three licenses; PL090 JS, PL248 I and PL925 after the company signed a Sale and Purchase Agreement (SPA) with Wellesley regarding assets on the Norwegian Continental Shelf. 

Likewise, Wellesley will also acquire a 10% participating interest in license PL942, including the Ørn discovery and a 20% participating interest in licenses PL878 and PL878 B, including the Atlantis and Canon discoveries.

“This transaction provides Wellesley with a balanced non-operated oil and gas development portfolio with very favorable ESG characteristics. We are proud of our role in operating a successful appraisal campaign on Grosbeak and moving the asset through the DG1 development phase. Post-transaction, Wellesley will retain a 23.7% participating interest in Grosbeak”, said CEO of Wellesley, Chris Elliott.