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The Norwegian Oil and Gas Giant Equinor Signed an Agreement with PGNiG to Sell Its Non-Operated Interests in the Tommeliten Discovery on the Norwegian Continental Shelf (NCS) for US$ 220 Million.
Equinor said on Thursday that Tommeliten Alpha is a gas/condensate discovery made in 1976. Through this transaction, Equinor will divest its 42.38% interest in the Tommeliten Unit (PL 044 TA) and 30% interest in PL 044 in the North Sea. Both are operated by ConocoPhillips.
In 2015, ConocoPhillips decided to cancel the development project for the Tommeliten Alpha discovery amid low oil prices.
Recoverable net resources in Tommeliten Alpha are 52 million barrels of oil equivalent, said Equinor.
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“Equinor is committed to transforming the Norwegian Continental Shelf in the coming decades. Achieving this ambition requires prioritization. We are selling this asset so we can focus our efforts on priority projects and assets that create greater value for us,” says Jez Averty, Senior Vice President of Operations in the Southern North Sea.
The closing is subject to approval by the PGNiG Supervisory Board and the usual conditions, including partner and authority approvals.
This transaction follows Equinor’s sale of its operated interest in the King Lear discovery to Aker BP for US$ 250 million on October 15.
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