Equinor strengthens its position in the Norwegian Sea

Equinor has signed an agreement to acquire Sval Energi’s 11.8% stake in the Halten East Unit, raising Equinor's ownership in the unit to 69.5%.

Halten East is an active offshore development in the Kristin-Åsgard area of the Norwegian Sea. This project includes six gas discoveries and three prospects, leveraging existing infrastructure and processing capacity at Åsgard B.

Halten East holds an estimated 100 million barrels of oil equivalent in recoverable reserves, with about 60% being gas. This gas will be exported to Europe through the Kårstø processing facility.

“Halten East is an important project with strong profitability and low emissions, in a core area for Equinor. The transaction is in line with our strategy of optimising our portfolio on the Norwegian continental shelf to ensure long-term value creation,” says Grete Birgitte Haaland, senior vice president for Exploration and Production North.

The Halten East development will be implemented in two phases. The first phase (2024-2025) involves drilling six wells for five discoveries, while the second phase (2029) includes a sidetrack for one discovery and three optional wells for the prospects. Approved in May 2022, the project is on track to begin production next year.

The acquisition of Sval Energi’s 11.8% stake in Halten East is subject to regulatory approvals, with the effective date of the transaction set for January 1, 2024.