Equinor and Faroe complete Norwegian asset swap deal

Norwegian oil and gas operator DNO ASA has announced the completion of the asset swap agreement between Equinor and Faroe Petroleum, a wholly owned subsidiary of DNO, following approval by Norwegian authorities.

The Njord A platform in the Norwegian Sea. (Photo: Thomas Sola/Equinor)

To remind, Norwegian oil and gas giant Equinor and UK-based Faroe Petroleum agreed a number of transactions in the Norwegian Sea and the North Sea region of the Norwegian Continental Shelf (NCS) back in December 2018. These transactions were calibrated as a balanced swap when it comes to value with no cash consideration.

DNO announced the completion of this deal on Tuesday, April 30, and added that the effective date of the transaction was January 1, 2019.

DNO said that, as part of the transaction, Faroe Petroleum’s interests in the non-producing Njord and Hyme redevelopment and Bauge development assets were exchanged for interests in four Equinor-held producing assets on a cashless basis, including interests in the Alve, Marulk, Ringhorne East and Vilje fields.

In a separate statement on Tuesday, Equinor said: “As a result of these transactions Equinor has strengthened its operated position in the Njord area and remains operator and majority equity holder in Alve, while reducing its exposure to non-core and partner-operated assets.”

It is worth reminding that, back when the Equinor-Faroe deal was made, DNO was amid a hostile takeover of Faroe Petroleum and DNO questioned the value of the deal between Faroe and Equinor. DNO claimed that Faroe’s assets, the substantial part of which are Norwegian, “are better placed in the bosom of DNO, Norway’s oldest independent oil and gas company.”

The saga between DNO and Faroe ended early this year, resulting in DNO taking over the controlling interest in Faroe. Namely, Faroe’s board, after weeks of resisting to DNO’s hostile bid of 150p a share, finally yielded in early January 2019. Days later, Faroe’s executive directors gave notice of resignation.

Offshore Energy Today Staff


Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. 

If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.

Share this article

Follow Offshore Energy Today

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply