Equinor and Vår Energi have agreed to an asset exchange on the Norwegian continental shelf. Equinor will transfer a 32.5% stake and operatorship of the Peon gas discovery to Vår Energi.
In return, Vår Energi will divest a 5% interest in the Fram field to Equinor. Vår Energi will also transfer a 5% interest in the Grosbeak discovery. Peon represents one of the largest undeveloped gas finds on the Norwegian shelf.
Vår Energi plans to develop Peon as a subsea tie-back to its existing Gjoea production facilities. This development is expected to extend the hub's economic life to approximately 2045. Production from the Peon field is anticipated to begin by 2030.