Equinor has closed an agreement with Shell for the acquisition of the latter's 30% stake in the Linnorm gas discovery in the Norwegian Sea. The deal increaser Equinor's stake in the project to 50%.
As of now, the partners in Linnorm are Shell (30%), Petoro (30%), Equinor (20%) and TotalEnergies (20%). Shell will continue to work as the discovery's operator until the transaction is made official.
An approval of Equinor's acquisiton should come from Norwegian authorities in early 2024.
Proven in 2005 and delineated in 2007, Linnorm is the largest undeveloped gas discovery on the Norwegian Continental Shelf. Initial estimates expect it to hold almost 30 billion cubic metres (bcm) of recoverable gas resources.
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