Equinor buys Shell's stake in the Linnorm gas discovery

12/14/2023

(Reuters) - Norway's Equinor said it has agreed to buy Shell's stake in the Linnorm gas discovery in the Norwegian Sea, raising its ownership to 50%.

It said in a statement it expects to finalize the deal in the first quarter of 2024.

Equinor said the Linnorm find is the largest undeveloped gas discovery on the Norwegian Continental Shelf and is estimated to contain around 25-30 billion cubic meters (bcm) of recoverable gas resources.

"This does not impact our ambition to maintain a material upstream position," Shell Norway Managing Director Marianne Olsnes said in the joint statement.