“Ekofisk has played an important role in Norway and Equinor’s oil and gas journey as the first producing field on the Norwegian Continental Shelf. The Greater Ekofisk Area is an area where Equinor has limited participation, and we have therefore decided to sell our position in the area during a period of high prices and to redirect capital to other core areas for the business,” says Nedregaard.

“We are also pleased to announce that the deal includes bringing in Sval Energi as a partner to the Martin Linge field, creating further value from this asset. Martin Linge started production in June 2021 and is now producing very efficiently. We are looking forward to collaborating further with Sval Energi to create more value from Martin Linge going forward.”

The closing of the transaction is subject to customary government and license approvals and is expected to be completed during the second half of 2022.