Equinor (EQNR), Petoro Optimize Operations With Asset Swap Deal

Core Viewpoint - Equinor ASA has entered a value-neutral asset swap agreement with Petoro to align their equity interests in the Haltenbanken area on the Norwegian Continental Shelf [1] Details of the Swap - Equinor will increase its ownership in the Heidrun field and the Noatun discovery while decreasing stakes in the Tyrihans field, Johan Castberg field, and Carmen and Beta discoveries [2] - Post-swap, Equinor will own 34.4% of Heidrun and 36.3% of Tyrihans, while Petoro will hold 36.4% of Heidrun and 22.5% of Tyrihans [4] Strategic Benefits - The alignment of ownership in the Halten area is expected to create additional value for all parties involved, streamline commercial agreements, reduce operating costs, and accelerate new developments [5] Field Details and Future Plans - Heidrun and Tyrihans are among the largest producing fields in the Halten area, with Heidrun noted for its long remaining life [6] - The production start-up for the Johan Castberg project is scheduled for the fourth quarter of 2024, with a revised cost estimate of $7.4 billion [6] Decarbonization Efforts - Equinor is targeting a reduction of carbon emissions from the Norwegian Continental Shelf by 160,000 tons of CO2 per year through the use of onshore power [7]