Equinor has announced the implantation of extensive swaps of ownership interests with Norwegian state-owned company Petro, ensuring higher value creation and more efficient resource management in the companies’ activities on the Halten Bank in the Norwegian Sea.

The agreement is value-neutral, which means that the interests the companies are swapping are assessed as having equal value.

Through this agreement, Equinor will increase its ownership in the Heidrun field and Noatun discovery and reduce its ownership in the Tyrihans field and the Castberg field, as well as the Carmen and Beta discoveries.

Heidrun and Tyrihans are two of the largest producing fields in the Halten area in the Norwegian Sea. Heidrun is among the fields with the longest remaining life on the Norwegian continental shelf.

Currently, Equinor holds a low equity interest in the Heidrun field of 13.0%, while Petoro has an equity interest of 57.8%. For Tyrihans, Equinor’s ownership is high, at 58.8%, while Petoro does not hold any equity.

Following the completion of the transaction expected at first of January 2025, Equinor will own 34.4% in Heidrun and 36.3% in Tyrihans, while Petoro will own 36.4% in Heidrun and 22.5% in Tyrihans. Equinor ownership of Johan Castberg will be 46.3%.

“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,” said Kjetil Hove is executive Vice President of Exploration and Production Norway at Equinor ASA.

“Our good dialogue with Equinor has allowed us to reach an agreement that will lead to greater harmonization and equalization 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,” said Petoro CEO Kristin Kragseth.