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Equinor to divest Tommeliten discovery in Norway to Poland's PGNiG for US$220M

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Equinor to divest Tommeliten discovery in Norway to Poland's PGNiG for US$220M

As part of its plan to restructure its Norwegian portfolio and focus on higher-return projects, Equinor said Oct. 18 it will sell its non-operated interests in the Tommeliten discovery on the Norwegian Continental Shelf to Polish Oil and Gas Co., or PGNiG, for US$220 million.

Tommeliten Alpha is a gas and condensate discovery with estimated net recoverable resources of 52 million barrels of oil equivalent. Through the deal, Equinor will divest its 42.38% stake in the Tommeliten Unit (PL 044 TA) and its 30% interest in PL 044. Both are operated by ConocoPhillips.

"We are selling this asset, so we can direct our efforts towards priority projects and assets that create higher value for us," Equinor's senior vice president for operations in the southern North Sea, Jez Averty, said.

The agreement, which is subject to approval by various Norwegian authorities and PGNiG's Supervisory Board, follows Equinor's decision to sell its 77.8% operated stake in the King Lear discovery in the same region to Aker BP, or Det norske, for US$250 million.

King Lear is a gas and condensate discovery in blocks PL 146 and PL 333 of the Ekofisk area. Net recoverable resources are 77 million barrels of oil equivalent. Total E&P Norge AS owns the remaining 22.2% interest in King Lear.