Equinor sells its share of Tommeliten field

STAVANGER -- Equinor has signed an agreement with PGNiG to sell its non-operated interests in the Tommeliten discovery on the Norwegian Continental Shelf for $220 million.

Tommeliten Alpha is a gas/condensate discovery that was made in 1976. Through this transaction Equinor will divest its 42.38% interest in the Tommeliten Unit and 30% interest in another block of acreage. Both blocks are operated by ConocoPhillips. Net recoverable resources in Tommeliten Alpha are 52 MM boe.

Equinor’s Jez Averty, V.P. for operations in the southern North Sea said, “Equinor is committed to transforming the Norwegian Continental Shelf for decades to come. Realizing this ambition requires prioritization. We are selling this asset, so we can direct our efforts towards priority projects and assets that create higher value for us,”

Piotr Wozniak, president PGNiG said, “This latest gas field acquisition in Norway is of special importance to us. It means a significant increase in natural gas production in the region. It is from here that we plan to send gas to Poland via Denmark through planned Baltic Pipe pipeline. Thanks to this transaction PGNiG is entering high-profile group of oil & gas companies in the Ekofisk area. The Tommeliten Alpha project allows us to implement our diversification strategy at attractive financial terms. This is good news to our shareholders,"

This transaction follows Equinor’s sale of its operated interest in the King Lear discovery to Aker BP on October 15. Closing is subject to approval by PGNiG’s supervisory board and customary conditions, including partner and authority approval.