Equinor has signed an agreement to acquire Sval Energi’s 11.8% share in the Halten East Unit, increasing its ownership to 69.5%.
Halten East is an ongoing offshore development located in the Kristin-Åsgård area in the Norwegian Sea.
The development comprises six gas discoveries and three prospects, which will utilise existing infrastructure and processing capacity at Åsgård B.
The recoverable reserves in Halten East are estimated to be around 100 million barrels of oil equivalents, of which approximately 60% is gas that will be exported to Europe via Kårstø.
“Halten East is an important project with strong profitability and low emissions, in a core area for Equinor. The transaction is in line with our strategy of optimising our portfolio on the Norwegian continental shelf to ensure long-term value creation,” said Grete Birgitte Haaland, senior vice president for Exploration and Production North.
The development will be carried out in two phases, with the drilling of six wells for five discoveries in the first phase (2024-25). The second phase (2029) includes a sidetract to one discovery and three optional wells for the prospects. The Halten East Unit was approved in May 2022 and is on track to start production next year.
“We are pleased with this deal as it supports our ongoing efforts to optimize our portfolio. This allows us to exit a development asset in a non-core area on the Norwegian shelf for Sval,” added Halvor Engebretsen, CEO of Sval Energi.
The transaction is subject to various regulatory approvals, with the effective date set for January 1, 2024.
Halten East consists of the Gamma, Harepus, Flyndretind, Nona, Sigrid and Natalia discoveries.
It is a subsea development tied back to the Åsgard facilities and includes the installation of three subsea templates in the south, and two subsea templates in the north.
A total of up to ten wells are planned to be drilled.
The southern structures will be tied in to a 49-kilometre pipeline from Mikkel South to Åsgard subsea compressor manifold station (SCMS)
The northern structure will be tied into a 22-kilometre pipeline from Natalia to SCMS.
Gas and oil/condensate are sent to Åsgard B for processing, and oil and condensate are stored in Åsgard C for export by tankers.
Produced gas is sent through the Åsgard Transport gas pipeline to Kårstø, and from there to Europe.
The new ownership structure of the Halten East comprises Equinor with 69.5% stake, Vår Energi with 24.6% and Petoro with 5.9% working interest.
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