EQNR - Equinor sells stakes in two North Sea oilfields for $1B

Equinor (NYSE:EQNR) said on Tuesday it agreed to sell its 7.6% stake in Norway's giant Ekofisk field and a 19% stake in the Martin Linge field to Sval Energi for $1B plus contingent payments linked to realized oil and gas prices for 2022-23. Equinor (EQNR) said it will no longer have any ownership interests in the greater Ekofisk area but will retain a 51% ownership share in Martin Linge and remain operator of the field. "The Greater Ekofisk Area is an area where Equinor has limited participation, and we have therefore decided to sell our position in the area during a period of high prices and to redirect capital to other core areas for the business," the company said. ConocoPhillips, the operator of the Ekofisk field and owner of a 35% stake, has submitted a plan to develop the Ekofisk North oil discovery for ~$1.1B. Equinor (EQNR) recently added $1.33B

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Equinor sells stakes in two North Sea oilfields for $1B