Equinor Boosts Ownership in Halten East Offshore Project to Enhance Gas Exports to Europe
(IN BRIEF) Equinor has acquired an additional 11.8% stake in the Halten East Unit from Sval Energi, increasing its ownership to 69.5%. Halten East, an offshore project in the Norwegian Sea, holds around 100 million barrels of oil equivalent, mostly gas destined for export to Europe. Development will take place in two phases, with drilling starting in 2024 and production set to begin in 2025. This acquisition aligns with Equinor’s strategy to strengthen its portfolio on the Norwegian continental shelf.
(PRESS RELEASE) STAVANGER, 7-Nov-2024 — /EuropaWire/ — Equinor has reached 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%. Located in the Kristin-Åsgård area of the Norwegian Sea, Halten East is a significant offshore development comprising six gas discoveries and three additional prospects that will leverage existing infrastructure at Åsgard B.
The Halten East project, estimated to hold 100 million barrels of oil equivalent, is composed of approximately 60% gas, which will be transported to Europe through Kårstø. “Halten East is a key project with strong profitability and low emissions in one of Equinor’s core areas,” noted Grete Birgitte Haaland, Equinor’s senior vice president for Exploration and Production North, adding that this acquisition aligns with Equinor’s strategy to optimize its portfolio on the Norwegian continental shelf.
The development will proceed in two phases, starting with the drilling of six wells across five discoveries in 2024-25, with further drilling scheduled for 2029. Approved in May 2022, the project is on track to begin production next year, contributing to Equinor’s long-term growth strategy in the region.
The acquisition is pending regulatory approvals and will take effect from January 1, 2024.
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Publish date : 2024-11-07 04:55:00
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