Equinor, Wellesley shake hands on North Sea transaction

Offshore staff

STAVANGER, Norway – Wellesley Petroleum has signed a sale and purchase agreement with Equinor covering several field development opportunities in the Norwegian North Sea.

Equinor will acquire a 40% operating interest in licenses PL090 JS, PL248 I and PL925, containing the Grosbeak and Kallåsen discoveries.

Wellesley will take a 10% interest in PL942, containing the Ørn discovery and 20% of PL878 and PL878 B, which include the Atlantis and Canon discoveries. Assuming approvals, the company will retain a 23.7% stake in Grosbeak, which it has helped move through the development phase.

CEO Chris Elliott said Equinor was best placed to operate the project, given its development experience in the area.

He added: “Ørn and Atlantis are highly attractive gas development assets, and as a result of this transaction, Wellesley will hold a material 40% participating interest in each project.

“We will continue to contribute as an active non-operating partner to secure a 2022 PDO submission for Ørn and to mature Atlantis and Canon as subsea tiebacks to the Kvitebjørn facility.”

07/26/2021