Equinor, Faroe Complete Norwegian Offshore Asset Deal
Equinor and Faroe Petroleum have completed their swap of Norwegian oil and gas assets announced in December.
As part of the deal, Equinor will take Faroe’s 7.5% ownership share in the $1.9-billion Njord redevelopment project, as well as the Bauge and Hyme subsea tiebacks to the Njord facility. In exchange, Faroe will receive Equinor’s stakes in the producing Vilje and Ringhorne East fields (28.9% and 14.8%, respectively) in the Norwegian North Sea, as well as its stakes in the Marulk and Alve fields (17% and 32%) in the Norwegian Sea.
Njord was originally in production from 1997 to 2016, and the platform and storage vessel have been brought to shore for an upgrade. The field is planned to restart in 2020 and produce until 2040. The remaining reserves for Njord and Hyme are expected to total 175 million BOE, while Bauge has a reserves estimate of 73 million BOE. Equinor operates Njord, Bauge, and Hyme. Aker BP operates Vilje, while Point is the operator for Ringhorne East.
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