Equinor is reportedly considering a partial sale of its stake in Norway’s Statfjord field, along with minority holdings in several other satellite fields.
The potential sale of a 28% share in the field was detailed in a presentation seen by Reuters, and would include the nearby Statfjord North, Statfjord East and Sygna fields.
A source told the news agency the company had signed up US investment bank Houlihan Lokey to advise on the sale, with a pricetag that could reach up to $500 million.
The Norwegian energy major currently holds a 64.1% stake in the licence, alongside Var Energi (21.4%). Equinor’s UK arm holds the remaining 14.5%, according to data from the Norwegian Petroleum Directorate.
It also currently has 45% of Statfjord North, 43.3% of Statfjord East and 43.4% of Sygna.
The field, which celebrated its 40th anniversary in 2019, is one of the oldest production hubs in the sector, producing more than 51 billion barrels to date.
Discovered in 1974, it lies in the Tampen area in the northern part of the North Sea, on the border between the Norwegian and UK sectors.
Facilities at the field include three fully integrated concrete platforms at Statfjord A, Statfjord B and Statfjord C.
Equinor added to its share in the field just last year, agreeing a $50million deal with the Norwegian arm of Spirit Energy, which concluded in mid-2022.
The area has been the subject of considerable life extension work. Current decommissioning work at Statfjord A has been postponed until 2027, while B and C are expected to operate beyond 2035.