Aberdeen-headquartered Faroe Petroleum and Norwegian energy giant Equinor have announced the completion of a series of asset swap stakes for several oil fields in Norway.
Faroe’s equity in the Njord, Hyme and Bauge developments will be exchanged for Equinor’s interests in the producing Alve, Marulk, Ringhorne East and Vilje fields, in a cashless deal.
Equinor said the deal would “strengthen its operational position” in the Njord area of the Norwegian Sea.
It added that it remains operator and majority equity holder in Alve development, while also “reducing its exposure to non-core and partner-operated assets”.
London-listed Faroe, which was recently taken over by DNO, said in December 2018 the swap provided its portfolio with a better balance between production and development assets.
The deal will also add 7-8,000 barrels of oil equivalent (boe) per day worth of output to Faroe in 2019.
Exploration and development wells are planned for Alve and Marulk next year.
The Njord field was in production from 1997 to 2016.
The platform and the storage vessel have been brought to shore for an extensive upgrade.
The field is planned to restart in 2020 and produce until 2040.