EQNR - Equinor sells 28% stake in North Sea license for initial $220M

2023-03-20 08:57:59 ET

Equinor ( NYSE: EQNR ) said Monday it agreed to sell a 28% interest in its North Sea production license for the Statfjord oil and gas field to Okea ASA for an initial $220M, plus a contingent payment based on oil and gas prices over a three-year period.

The deal raises Okea's total production by 13K-15K boe/day in 2023 and by 16K-20K boe/day in 2024, lifting overall output next year to more than 40K boe/day.

Following the deal, Equinor ( EQNR ) will have a 54.7% working interest and remain the operator of the Statfjord field.

"We still have high expectations for Statfjord and by developing new ways of working we aim to extend the lifetime of the field towards 2040 and reduce emissions with 50% by 2030," said Camilla Salthe, senior VP for field life extension at Equinor's ( EQNR ) FLX unit.

Equinor ( EQNR ) is a cash cow boasting a "13% yield, three special dividends In 2023 [and] record earnings," Double Dividend Stocks writes in an analysis newly published on Seeking Alpha .

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