Equinor Will Increase Its Stake in a Gas Field in The Norwegian Sea
Equinor will increase its stake in the Linnorm gas field in the Norwegian Sea, the transaction is expected to be closed in the first quarter of 2024, according to a company press release.
“Equinor will acquire a 30% stake in PL 255, which owns the Linnorm field, subject to the assumption of operatorship from A/S Norske Shell. The transaction is expected to close in the first quarter of 2024,” the statement said.
The company clarifies that the discovery of the Linnorm field in the Norwegian Sea was confirmed in 2005 and is the largest undeveloped gas field in the Arctic Ocean. It is estimated that the recoverable gas reserves in Linnorm are around 25-30 billion cubic meters.
Partners in Norwegian PL 255 are other national companies: A/S Norske Shell – 30% (operator until transaction completion), Petoro – 30%, Equinor Energy – 20%, TotalEnergies EP Norge AS – 20%.
The energy group Equinor was founded in 1972 and until May 2018 was called Statoil. The company operates in more than 30 countries. The largest shareholder is Norway.
