Equinor and Wellesley have agreed into an asset swap agreement for various licenses in the Troll/Kvitebjørn area. The intention behind the agreement is to increase activity on the Norwegian Continental Shelf, with focus on the execution of HPHT exploration wells near existing infrastructure, as well as access to new areas in future TFO rounds in the western part of the North sea. Specifically, in the short term, the agreement will enable the acceleration of exploration and appraisal drilling.
‘We have a strategy to continue the value creation on the Norwegian continental shelf and expect to maintain a high production towards 2035. The agreement with Wellesley increases our capacity for near-infrastructure exploration, which is key for long term value creation’, says Kjetil Hove, executive vice president for Exploration and Production Norway.
‘This transaction with Equinor rebalances Wellesley’s portfolio towards the HPHT gas play, which we believe to have significant exploration potential. Both companies recognise the need to accelerate and expand exploration drilling activity in the Northern North Sea, and we look forward to working with Equinor to deliver successful drilling campaigns in the coming years’, says Chris Elliott, CEO of Wellesley.
The effective date of the agreement is 01.01.2025. The licences transferred from Wellesley to Equinor are PL 248 C (15%), PL 1148, PL 1148 B, PL 1148 CS (20%), PL 1184 S (5%). The licences transferred from Equinor to Wellesley are PL 293 (5%), PL 878, PL 878 B, PL 878 C (5%).
