Equinor, Aker BP aim to optimize Norwegian Shelf interests through asset swaps

Equinor agreed to swap certain Norwegian Continental Shelf oill and gas interests with Aker BP, giving Aker BP larger positions in Ringvei Vest and the Frigg area while raising Equinor’s Wisting stake, as the companies move to better align holdings across the assets, they said in separate releases.

Equinor will sell Aker BP a 19% interest in several Ringvei Vest discoveries and a 38.16% interest in the Frigg UK license. The transaction also includes changes to the companies’ interests in Wisting and a $23 million payment from Aker BP to Equinor.

Ringvei Vest, Frigg portfolio alignment

Equinor, operator of the proposed Ringvei Vest cluster development in the Troll-Fram area of the North Sea, said the transactions are intended to support the shared portfolio.

Kjetil Hove, Equinor vice-president for exploration and production Norway, said the companies "identified key areas to increase value creation from discoveries that have not yet been developed for production" and that by aligning interests "enable better and faster project decisions." 

In Ringvei Vest, Aker BP will buy from Equinor a 19% interest in the Grosbeak, Røver Nord & Sør, Toppand, and Swisher discoveries. Both companies said they aim to include Kveikje in the development, where Aker BP already holds 19% interest.

In the Yggdrasil area, Aker BP will buy from Equinor a 38.16% interest in Frigg UK license (P2343). The license is adjacent to Norwegian license PL1249 and contains parts of the 2025 Omega Alfa discovery. Equinor said the sale should support joint development of Omega Alfa and Frigg field oil resource potential. Any future discoveries could be tied back to the Yggdrasil area using existing infrastructure, Aker BP said.

“Omega Alfa has materially increased the prospectivity of the Frigg structure, including on the UK side of the border. With a more balanced ownership position, we can now advance exploration drilling to test that potential, which could add meaningfully to the Yggdrasil resource base and support our ambition of producing more than one billion barrels from the area," said Karl Johnny Hersvik, Aker BP chief executive officer.

Wisting stake increase 

Equinor will raise its Barents Sea Wisting interest to 42.5% from 35% through a 7.5% interest transfer and payment from Aker BP. Equinor operates Wisting, which Aker BP described as the largest undeveloped oil discovery on the Norwegian continental shelf. A final investment decision is expected in 2027. Following the transaction, Aker BP will hold a 27.5% interest in the field.

The agreements remain subject to customary conditions, including regulatory and governmental approvals.