Equinor sells off two Norwegian North Sea discoveries

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Energy giant Equinor has completed the sales of two “non-core” Norwegian North Sea discoveries.

Equinor’s 77.8% stake in the King Lear gas find has been sold to Aker BP for almost £200 million.

A second non-operated interest of 42.38% in the Tommeliten Unit (PL044 TA) and 30% in PL044 to PGNiG was sold for almost £175m.

King Lear is a gas/condensate discovery that was made in 1989 in blocks PL 146 and PL 333 in the Ekofisk area of the North Sea.

Estimated net recoverable resources are 77 million barrels of oil equivalent.

Jez Averty, senior vice president for operations in the southern North Sea, said in October, when the deals were originally announced: “This transaction is a further example of our strategy of capturing value from active portfolio management through the oil price cycles.

“We are divesting a low-priority asset in our NCS portfolio to a buyer who sees higher value. By doing so we unlock capital for investment in projects that offer higher returns for Equinor.”