Equinor (EQNR, Financial), the Norwegian state-owned energy company, announced it has agreed to acquire an additional 11.8% stake in the Halten East Unit offshore development project in the Norwegian Sea. This acquisition boosts Equinor's ownership in the project to 69.5%.
Halten East is estimated to contain recoverable reserves of approximately 100 million barrels of oil equivalent, with around 60% of these reserves being natural gas. The extracted natural gas is planned for export to Europe through Kaarstoe in southwestern Norway.
Equinor serves as the operator of the Halten East Unit. Other stakeholders in the project include Var Energi, which holds a 24.6% stake, and Norway’s state-owned oil company Petoro, owning 5.9%.
