Equinor Sells Stake in Two North Sea Production Licenses to PGNiG

By Dominic Chopping

Equinor is selling a 19.5% stake in two North Sea production licenses to Polish state-owned oil and gas company PGNiG, it said Tuesday.

The licenses in question are PL048E in the Eirin gas field, and PL1201 which is located just south of Eirin, with Equinor currently owning 78.2% in both licenses and PGNiG holding the remaining share.

The plan for the development and operation of Eirin was approved in January 2024, and the field will be connected to the nearby Gina Krog platform. Meanwhile, any discoveries made in PL1201 could then make use of Eirin's infrastructure and also be connected to the Gina Krog platform, it said.

The Norwegian energy major said that by selling down its stake in the licenses, the partnership with PGNiG becomes more balanced.

"Balanced partnerships will make it easier to coordinate decisions in the licenses tooptimize production and enhance value creation from the area," said Camilla Salthe, Equinor's senior vice president for late-life fields.

Financial terms weren't disclosed.

Closing of the transaction is conditional upon ministry approval.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

June 04, 2024 04:15 ET (08:15 GMT)

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