Equinor (EQNR.OL), opens new tab and Norwegian state-owned oil firm Petoro have agreed an asset swap to that allows the companies to harmonise their ownership in key fields, the two groups said on Tuesday. The agreed swaps are value neutral, they added.
"Alignment of ownership around the larger production hubs are important enablers for long-term value creation," Equnior's head of exploration and production in Norway, Kjetil Hove, said in a statement.
Equinor would increase its ownership in the Heidrun field and the Noatun discovery and reduce its ownership in the Tyrihans and Castberg fields, as well as the Carmen and Beta discoveries, it said. Following the completion of the transaction, Equinor will own 34.4% in Heidrun and 36.3% in Tyrihans, while Petoro will own 36.4% in Heidrun and 22.5% in Tyrihans. Equinor's ownership of Johan Castberg will be 46.3% while Petoro will have 23.7%.
