Equinor and Petoro have entered into a value-neutral asset swap agreement in the Haltenbanken region of Norway.

Equinor will increase its interest in the Heidrun field and the Noatun discovery, and reduce its interest in the Tyrihans field and the Castberg field, as well as the Carmen and Beta discoveries.

Heidrun and Tyrihans are two of the largest producing fields in the Halten region of the Norwegian Sea. Heidrun is one of the fields with the longest remaining life on the Norwegian continental shelf.

' Although a value-neutral exchange, this property alignment will add more value to all parties in the Halten region over time. Balanced partnerships will simplify commercial arrangements, reduce operating costs and accelerate new developments with increased production at lower cost', says Kjetil Hove, Executive Vice President Exploration and Production Norway.

Following 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 interest in Johan Castberg will be 46.3%.

The effective date of the agreement is January 1, 2025.

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