Equinor exits Ireland with sale of gas field stake

1 minute read

Equinor's flag in Stavanger, Norway December 5, 2019. REUTERS/Ints Kalnins

OSLO, Nov 29 (Reuters) - Norway's Equinor (EQNR.OL) has agreed to sell its stake in the Corrib gas field to partner Vermilion Energy (VET.TO), the Norwegian oil firm said on Monday, putting an end to its activities in Ireland.

Equinor and Vermilion have agreed a consideration of $434 million for the sale, before closing adjustment, with an effective date set Jan. 1, 2022.

Equinor and Vermilion have agreed to hedge some 70% of the production for 2022 and 2023, and have also agreed a contingent payment that will be paid on a portion of the revenue if European gas prices exceed a given floor level, Equinor said.

The deal is subject to approval by partners, government and regulatory bodies.

Register now for FREE unlimited access to
Reporting by Gwladys Fouche; Editing by Nora Buli

Our Standards: The Thomson Reuters Trust Principles.

More from Reuters