Equinor will sell its interests in the Bakken field in the US states of North Dakota and Montana.
The company signed the agreement with Grayson Mill Energy to divest its interest for a total consideration of around $900 million.
The transaction covers all of Equinor’s operated and non-operated acreage, totalling 242,000 net acres, and associated midstream assets in the Bakken.
Entitlement production from these assets in Q4 2020 was 48,000 barrels of oil equivalent per day (net of royalty interests).
“By divesting our Bakken position we are realising proceeds that can be deployed towards more competitive assets in our portfolio, enabling us to deliver increased value creation for our shareholders,” said Anders Opedal, president and chief executive officer of Equinor.
As part of the agreed transaction, all Equinor field employees and a significant number of the support teams working on the Bakken assets will have the opportunity to transfer to Grayson Mill Energy.