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Equinor to sell 77.8% stake in King Lear discovery to Aker BP for $250M

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Equinor to sell 77.8% stake in King Lear discovery to Aker BP for $250M

Equinor said Oct. 15 it will sell its 77.8% operated stake in the King Lear discovery on the Norwegian Continental Shelf 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 in the Ekofisk area, south of the Ula field. Net recoverable resources are 77 million barrels of oil equivalent.

"Our goal is to develop King Lear as a satellite to Ula. This will improve the capacity utilization at the Ula facilities and provide significant additional volumes of injection gas to support increased oil recovery from the Ula field," Aker BP CEO Karl Johnny Hersvik said.

When including the increased oil recovery potential from Ula, Aker BP estimates a total resource addition of more than 100 MMboe.

Equinor said the sale is part of its goal to restructure its Norwegian portfolio and focus on projects that have higher returns.

The deal is subject to approval by various Norwegian authorities. Total E&P Norge AS owns the remaining 22.2% interest in King Lear.