Equinor to Acquire Sval Energi’s 11.8% Stake in Halten East Subsea Development

Equinor Expands Stake in Halten East with Sval Energi Acquisition
Equinor has entered into an agreement to acquire Sval Energi’s 11.8% stake in the Halten East subsea development, located in the Norwegian Sea, as part of a strategic move to bolster its position in the region. Following the acquisition, Equinor’s total ownership in the project will increase to 69.5%, while other stakeholders, including Vår Energi and Petoro, will hold 24.6% and 5.9% stakes, respectively. The deal is expected to close in early 2024, with an effective date of January 1, 2024, subject to regulatory approvals.

Halten East: A Key Gas Project in the Norwegian Sea
The Halten East development is located in the Kristin-Åsgård area of the Norwegian Sea, and consists of six major gas discoveries: Gamma, Harepus, Flyndretind, Nona, Sigrid, and Natalia, along with three additional prospects. The project is being tied back to the Åsgard facilities, with the goal of utilizing existing infrastructure at Åsgard B to process and export gas to Europe. With an estimated recoverable reserve of 100 million barrels of oil equivalent (boe), approximately 60% of which is gas, Halten East is expected to become a key contributor to Norway’s gas exports. The project will export gas through the Kårstø processing plant in southwest Norway.

Project Development and Infrastructure
The Halten East project will involve the installation of subsea templates across both the southern and northern regions of the development. The southern structures will be connected via a 49-kilometer pipeline from Mikkel South to the Åsgard subsea compressor manifold station (SCMS), while the northern structure will connect to a 22-kilometer pipeline from Natalia to SCMS. This integration with the Åsgard facilities allows the development to utilize existing infrastructure, reducing costs and improving efficiency. The production from Halten East is expected to begin in 2025, marking a significant step in Equinor’s ongoing investment in the Norwegian Continental Shelf (NCS).

Phased Development and Future Potential
The development of Halten East will proceed in two distinct phases. The first phase, slated for 2024-2025, will focus on drilling six wells across five of the gas discoveries. The second phase, planned for 2029, will include sidetracking one discovery and potentially drilling up to three additional wells. This phased approach will enable a steady ramp-up in production while minimizing risk and optimizing returns. The project’s Plan for Development and Operation (PDO) was approved by the Norwegian Ministry of Petroleum and Energy in May 2022.

Strategic Importance for Equinor
For Equinor, Halten East represents an important step in its long-term strategy to optimize its portfolio in the Norwegian Continental Shelf (NCS).
The project aligns with Equinor’s focus on profitable and low-emission developments, which are central to its energy transition goals. Equinor’s Senior Vice President of Exploration and Production North, Grete Haaland, highlighted the project’s strong profitability potential and its role in supporting the company’s low-carbon ambitions. With strong infrastructure already in place and a clear development pathway, Halten East is poised to be a major asset for Equinor in the years to come.