The transaction covers all of Equinor’s operated and non-operated acreage, totalling 242,000 net acres, and associated midstream assets in the Bakken.
Entitlement production from these assets in 4Q 2020 was 48,000 barrels of oil equivalent per day BOE/D (net of royalty interests).
Anders Opedal, president and chief executive officer of Equinor, said:
- Equinor is optimising its oil and gas portfolio to strengthen profitability and make it more robust for the future.
- By divesting our Bakken position we are realising proceeds that can be deployed towards more competitive assets in our portfolio, enabling us to deliver increased value creation for our shareholders.
- Over the past few years, we have improved the safety, cost efficiency and CO2 intensity of the Bakken assets significantly and I am confident Grayson Mill Energy will continue on this path
- We are taking action to improve the profitability of Equinor’s international oil and gas business.
- Today’s announcement on the exit of our Bakken assets is an important step in this process.
- We have worked closely with Grayson Mill Energy to preserve jobs and to ensure the transfer of expertise in the best possible way.
The effective date of the transaction is 1 January 2021.
Closing is subject to the satisfaction of customary conditions, including authority approvals.
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