Equinor, Wellesley agree to NCS development asset swap

Equinor Energy AS and Wellesley Petroleum AS have agreed to a swap of certain development assets on the Norwegian Continental Shelf, Wellesley said in a statement July 26.

The signed sale and purchase agreement sees Equinor acquire a 40% participating interest in and operatorship of licenses PL090 JS, PL248 I, and PL925, containing the Grosbeak and Kallåsen discoveries.

Wellesley will acquire a 10% participating interest in license PL942, containing the Ørn discovery and a 20% participating interest in licenses PL878 and PL878 B, containing the Atlantis and Canon discoveries.

Post transaction, subject to regulatory approvals, Wellesley will retain a 23.7% interest in Grosbeak and will hold 40% interest in the Ørn and Atlantis gas developments.

Chris Elliott, chief executive officer of Wellesley, said the company “will continue to contribute as an active non-operating partner to secure a 2022 PDO submission for Ørn and to mature Atlantis and Canon as subsea tiebacks to the Kvitebjørn facility.”