Equinor and Vår Energi have agreed to a swap of assets on the Norwegian continental shelf (NCS). The transaction enables further maturation of the Peon gas discovery towards development and strengthens Equinor’s position in the Troll-Fram area.
Under the agreement, Equinor will transfer 32,5% of its interest in the Peon discovery and operatorship to Vår Energi as part of a broader asset swap. As part of the transaction, Equinor will receive interests in producing assets and development licences, including a 5% share in the Fram field and Vår Energi’s positions in the Grosbeak and Mulder discoveries and Grønngylt prospect that are part of the Ringvei Vest development (see fact box).
Equinor and its partners have agreed on the concept for the development of Peon with a tie-back solution to Gjøa. The development is expected to extend the lifetime of the hub and support long-term gas production from the area. The gas from Peon is expected to be processed through Kårstø, creating additional value for Equinor.
Peon is one of the largest undeveloped gas discoveries on the NCS, with estimated recoverable resources of 105–195 million barrels of oil equivalent. The discovery is located approximately 60 kilometres from the Gjøa field.
“This transaction enables us to speed up progress of one of the largest undeveloped gas discoveries on the NCS, Peon, while strengthening our position in the Troll-Fram area. The swap supports efficient development of resources and increased use of existing infrastructure. This is the latest in a series of transactions on the NCS where we have aligned interests across partnerships to enable faster tie-back developments”, says Kjetil Hove, executive vice president for Exploration & Production Norway.
The agreement with Vår Energi forms part of a series of transactions where Equinor has actively optimised its portfolio on the NCS.
The aim of the transactions has been to accelerate the development of discoveries and identify area solutions that benefit all parties, while strengthening Equinor’s position in producing assets and strategic licences:
- Equinor and Aker BP have exchanged interests across several licences, including assets related to the Ringvei Vest and Yggdrasil area, strengthening positions in core areas.
- Equinor and DNO have completed asset swaps covering discoveries and prospects in the Ringvei Vest area and on Haltenbanken, enabling better alignment across licences and partners.
Together, these transactions demonstrate how Equinor is progressing its strategy to optimise its NCS portfolio through active asset management and capital allocation.
Completion of the transaction, including transfer of operatorship and carve-out, is subject to customary approvals. Equinor will remain operator until completion.
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