Equinor has signed an agreement with Aker BP to sell its 77.8% operated interest in the King Lear discovery on the Norwegian Continental Shelf (NCS) for a total of USD 250 million.

Jez Averty, Senior Vice President for Operations in the Southern North Sea

“This transaction is a further example of our strategy of capturing value from active portfolio management through the oil price cycles. We are divesting a low-priority asset in our NCS portfolio to a buyer who sees higher value. By doing so we unlock capital for investment in projects that offer higher returns for Equinor,” says Jez Averty, senior vice president for operations in the southern North Sea.

King Lear is a gas/condensate discovery that was made in 1989 in blocks PL 146 and PL 333 in the Ekofisk area of the NCS. Net recoverable resources are 77 million barrels of oil equivalent.

Closing of the transaction is subject to customary conditions, including partner and authority approval.