Equinor and Vår Energi complete asset swap in Troll–Gjøa area

Transaction details

Equinor and Vår Energi agreed an asset swap on the Norwegian continental shelf in which Equinor transfers 32.5% of its interest in the Peon discovery and operatorship to Vår Energi. In return Equinor will receive interests in producing assets and development licences, including a 5% stake in the Fram field and Vår Energi’s positions in the Grosbeak and Mulder discoveries and the Grønngylt prospect that form part of the Ringvei Vest development.

Peon development plan

The partners have agreed a concept to develop Peon as a tie-back to the Gjøa field. The plan is expected to extend the lifetime of the Gjøa hub and support continued gas production from the area, with gas from Peon to be processed at Kårstø.

Resource scale and location

Peon is described as one of the largest undeveloped gas discoveries on the NCS, with estimated recoverable resources of 105–195 million barrels of oil equivalent. The discovery is located roughly 60 kilometres from Gjøa.

Strategic context and conditions

The swap forms part of a broader programme by Equinor to optimise its NCS portfolio through transactions that accelerate developments and align partner interests; recent swaps with Aker BP and DNO targeted the Ringvei Vest, Yggdrasil area and Haltenbanken. Completion, including the transfer of operatorship and carve-out, requires customary approvals, and Equinor will remain operator until closing.