Equinor and Grayson Mill Energy have accomplished their transaction that was beforehand introduced in February 2021.
As a consequence, Equinor has divested all its operated and non-operated acreage within the Bakken subject within the US states of North Dakota and Montana to Grayson Mill Energy, together with related midstream property, for a complete consideration of round USD 900 million.
Equinor will proceed to function the property as much as 4 months after closing as a part of a transition service settlement with Grayson Mill Energy. Nearly all subject employees and plenty of of these within the help groups engaged on the Bakken property will switch to Grayson Mill Energy upon the conclusion of their transition duties inside Equinor.
Equinor Marketing and Trading will buy crude offtake from the Bakken property via a separate long-term buy settlement with Grayson Mill Energy.
“Equinor is optimising its oil and fuel portfolio to strengthen profitability and make it extra strong for the longer term. By divesting our Bakken place we’re realising proceeds that may be deployed in direction of extra aggressive property in our portfolio, enabling us to ship elevated worth creation for our shareholders. Over the previous few years, we have now improved the security, value effectivity and CO2 depth of the Bakken property considerably and I’m assured Grayson Mill Energy will proceed on this path,” says Anders Opedal, president and chief govt officer of Equinor.
Grayson Mill Energy, LLC is a Houston-based exploration and manufacturing firm targeted on the acquisition and growth of oil and fuel property inside numerous U.S. unconventional useful resource performs.
(Source and picture: Equinor – Bakken subject/Einar Aslaksen)
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