Equinor plans to sell a stake in its Martin Linge oilfield in the North Sea, hoping to raise more than $1 billion, industry and banking sources told Reuters.
The sale is aimed at reducing Equinor’s large stake in the field and take advantage of strong demand for Norwegian oil and gas assets, the sources said.
Norway’s oil and gas sector has attracted a flurry of deals in recent months, highlighting its appeal for investors despite growing pressure on governments and companies to combat climate change.
The Martin Linge offshore field started production last June and is expected to reach a peak output of 115,000 barrels of oil equivalent per day next year, Equinor’s website says.
Equinor holds a 70% stake in the field and Petoro, which manages Norway’s interests in offshore oil and gas licenses, owns the remaining 30%. Equinor plans to sell off a 19% stake, reducing its holding to 51%, three sources said.
The stake earmarked for sale is being marketed by Lambert Energy, the sources said.
Source: Reuters
Join our mailing list here
