BAKU, Azerbaijan, November 7. Equinor has signed an agreement to acquire an 11.8% stake in the Halten East Unit from Sval Energi, increasing its ownership in the project to 69.5%, TurkicWorld reports.
This acquisition strengthens Equinor's position in the ongoing offshore development, located in the Kristin-Åsgård area of the Norwegian Sea.
Halten East consists of six gas discoveries and three prospects, all set to leverage existing infrastructure and processing capacity at the Åsgård B platform. The estimated recoverable reserves in the project are around 100 million barrels of oil equivalent, with approximately 60% of that being gas, which will be exported to Europe through the Kårstø terminal.
"This is an important project for us, with strong profitability and low emissions, located in a core area for Equinor," said Grete Birgitte Haaland, Senior Vice President for Exploration and Production North. "This transaction is aligned with our strategy of optimising our portfolio on the Norwegian continental shelf to secure long-term value creation."
Halten East will be developed in two phases. The first phase, spanning 2024 to 2025, includes drilling six wells for five of the discoveries. The second phase, expected to begin in 2029, will involve a sidetrack for one discovery and three optional wells for additional prospects. The Halten East Unit was approved in May 2022 and is on track to begin production in 2025.
The transaction is contingent upon regulatory approvals, with the effective date set for January 1, 2024.
