Equinor is considering the sale of 28% of its stake in Statfjord field, which straddles the Norwegian and British continental shelves, as well as minority stakes in several other satellite fields, according to reports.
An article from Reuters claims the company has hired U.S. investment bank Houlihan Lokey to advise on the sale, which could be worth as much as $500 million.
Norway-based Equinor also reportedly plans to sell minority stakes in the connected fields Statfjord North, Statfjord East and Sygna.
Oil and gas production has taken place at Statfjord for more than 40 years, and by the end of 2021 the site still had 107 million barrels of oil equivalent remaining.
In 2020, Equinor extended the field’s life expectation to 2040, with a planned decommissioning of Statfjord A platform postponed until 2027. Platforms Statfjord B and C are expected to operate beyond 2035.
Statfjord produced 38,000 barrels of oil equivalent per day in 2021, with gas accounting for more than one third of production. Statfjord North, Statfjord East and Sygna produced a total of nearly 16,000 barrels of oil equivalent per day, mostly consisting of oil.
Equinor, which is expected to remain a stakeholder in the fields after any sales, now holds 78.6% of Statfjord, 45% of Statfjord North, 43.3% of Statfjord East and 43.4% of Sygna.
Equinor and Houlihan Lokey made no comment on the speculation.