Equinor has wrapped up the sales of its stakes in two Norwegian Continental Shelf (NCS) assets - the King Lear discovery and the Tommeliten discovery in two separate deals for a total of $470m.
In the King Lear discovery, Equinor divested its operating stake of 77.8% to Aker BP for $250m.
In the second deal, the Norwegian oil and gas giant sold its interests in the Tommeliten discovery to PGNiG, a Polish state-controlled oil and gas company, for $220m.
Equinor’s participation in the Tommeliten discovery included a 42.38% stake in the Tommeliten Unit in PL 044 TA license and 30% stake in PL 044 license, which are both operated by ConocoPhillips.
Both the deals were announced in October 2018 and were taken up by the Norwegian energy giant as it considered them to be non-core to its business.
King Lear, which is located in the Ekofisk area, is a gas and condensate discovery made in 1989. Total E&P Norge is the partner of Aker BP in the NCS discovery with a stake of 22.2%.
As per data from the Norwegian Petroleum Directorate, the King Lear discovery is estimated to hold net recoverable resources of 77 million barrels oil equivalents (mmboe).
The other divested asset of Equinor, which is the Tommeliten discovery, is located in the greater Ekofisk Area. Discovered in 1976, the Tommeliten Alpha gas and condensate field is estimated to hold net recoverable resources of 52 million barrels of oil equivalent.
Located near large, already developed fields like Ekofisk, the Tommeliten discovery is anticipated to be brought into production in 2024.
PGNiG will join ConocoPhilips (28.26%), Total (20.23%) and Eni Norge (9.13%) in the Tommeliten Alpha field.
Last month, Equinor completed sale of a stake of 17% non-operated interest in the Alba oil field located on the UK continental shelf to Verus Petroleum for an undisclosed price.
The Norwegian firm’s equity production in 2017 from the Alba oil field in the Central North Sea was about 2,300 barrels per day.
In December 2018, the company announced that it had secured approval of the plan for development and operation (PDO) of the Troll Phase 3 development on the NCS from the Norwegian Ministry of Petroleum and Energy.