- Halten East Expansion: Equinor Secures Majority Ownership with New Acquisition
- Equinor Strengthens Norwegian Sea Portfolio with Increased Halten East Stake
- Equinor Moves Closer to Production Start with Halten East Stake Acquisition
Equinor reports that it has signed an agreement to acquire an 11.8 per cent stake in the Halten East Unit from Sval Energi, thereby increasing the stake of Equinor in the project to 69.5%.
History of the Halten East Project
Halten East is an off-shore development located in the Kristin-Åsgård area in the Norwegian Sea. The development comprises six gas discoveries and three prospects that will avail themselves of the existing infrastructure as well as the processing capacity on Åsgard B. The development is estimated at 100 million barrels of oil equivalents, of which about 60% of this volume would be gas, which will be exported into Europe through the Kårstø facility.
Strategic Significance for Equinor
“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,” says Grete Birgitte Haaland, senior vice president for Exploration and Production North.
Development Phases and Timeline
The Halten East development will be undertaken in two phases:
- Phase One (2024-2025): Drilling of six wells to develop five gas discoveries.
- Phase Two (2029): Sidetrack drilling to one discovery and up to three optional wells to appraise further prospects.
The Halten East Unit sanctioned in May 2022 is expected to come onstream in 2025.
Transaction Details
The acquisition is subject to obtaining all the required regulatory approvals, and the date of effectiveness for the transaction will be January 1, 2024.
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Source: Equinor
