Faroe and Equinor in oil and gas asset swap
06 December, 2018
Aberdeen based independent oil and gas company Faroe Petroleum and Norway’s Equinor are to exchange stakes in a cluster of assets in the Norwegian Sea and North Sea in a cashless deal.
Faroe is handing over 7.5% stakes in the Bauge, Hyme and Njord fields to Equinor. The state-owned company will undertake major redevelopment work at Njord. It plans to tie-back the Bauge and Hyme fields to the Njord development.
In exchange, Faroe will obtain stakes in the Alve (32%) and Marulk (17%) fields and increase its interests in the Ringhorne East (14.82%) and Vilje (28.85%) fields.
The effective dates of the transactions are 1 January 2019 with closing subject to government approval.