Equinor has agreed to divest its pursuits within the Bakken subject within the US states of North Dakota and Montana to Grayson Mill Energy, backed by EnCap Investments, for a complete consideration of round USD 900 million.
The transaction covers all of Equinor’s operated and non-operated acreage, totalling 242,000 web acres, and related midstream belongings within the Bakken. Entitlement manufacturing from these belongings in 4Q 2020 was 48,000 barrels of oil equal per day (web of royalty pursuits). In parallel with this transaction, Equinor Marketing and Trading will enter right into a time period buy settlement for crude offtake with Grayson Mill Energy.
“Equinor is optimising its oil and gasoline portfolio to strengthen profitability and make it extra strong for the long run. By divesting our Bakken place we’re realising proceeds that may be deployed in direction of extra aggressive belongings in our portfolio, enabling us to ship elevated worth creation for our shareholders. Over the previous few years, we now have improved the security, value effectivity and CO2 depth of the Bakken belongings considerably and I’m assured Grayson Mill Energy will proceed on this path,” says Anders Opedal, president and chief govt officer of Equinor.
Equinor holds unconventional oil and gasoline operated and non-operated positions within the Bakken (North Dakota) and Appalachian Basins (Ohio and Pennsylvania), and has a big portfolio of offshore belongings within the US Gulf of Mexico. It can be pursuing the event of offshore wind tasks on the east coast of the United States and is shortly turning into a pacesetter accomplice within the nation’s rising offshore wind trade. Equinor has roughly 750 staff throughout its US headquarters in Houston, TX, satellite tv for pc places of work in Stamford, CT, Washington, DC and subject places of work in North Dakota and Ohio.
Grayson Mill Energy, LLC is a Houston-based exploration and manufacturing firm targeted on the acquisition and growth of oil and gasoline belongings inside numerous U.S. unconventional useful resource performs
(Source: Equinor Image: Equinor lease in North Dakota/Einar Aslaken/Equinor)
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