Equinor and Aker BP exchange stakes in several Norwegian oil fields

Equinor, a Norwegian oil company and BP said that they had agreed to swap stakes in several 'oil and gas' fields near the Norwegian coast. This could increase production through accelerating new developments.

The initial deals included?stakes? in a cluster known as Ringvei Vest, as well as?the Yggdrasil area and?the?Wisting area. Further transactions could follow, according to the companies.

Kjetil HOVE, Executive Vice President of Equinor, said that "these?agreements" will allow better development solutions, reduce complexity and support value creation, in line with Equinor's long-term strategic plan.

He added that "by aligning the interests of these assets we can make better and faster decisions about projects."

Norway is Europe's largest oil and gas producer, producing more than 4 million barrels of oil equivalent per day. It aims to prolong the life span of its petroleum industry over the next few decades.

The majority-owned company stated that the transactions "support Equinor's strategic goal to optimise its oil & gas portfolio and enable high-value developments on the Norwegian continental shelf by 2035". Reporting by Terje Solesvik, Editing by Tom Hogue & Kim Coghill

(source: Reuters)