Equinor (NYSE: EQNR) has announced plan to divest its interests in the Bakken field within the United States of North Dakota and Montana to Grayson Mill Energy. For a total consideration of about USD 900 Million. This transaction covers all of Equinor’s acreage, non-operated and operated which totals 242,000 net acres including the associated assets in the Bakken. Previous entitlement production from these assets in the fourth quarter of 2020 was 48,000 barrels of oil equivalent per day. Equinor Marketing and Trading will also enter into a term purchase agreement for crude offtake with Grayson Mill Energy.
“Equinor is optimising its oil and gas portfolio to strengthen profitability and make it more robust for the future. 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. Over the past few years, we have improved the safety, cost efficiency and CO2 intensity of the Bakken assets significantly and I am confident Grayson Mill Energy will continue on this path,” says Anders Opedal, president and chief executive officer of Equinor.
“We are taking action to improve the profitability of Equinor’s international oil and gas business. Today’s announcement on the exit of our Bakken assets is an important step in this process. We have worked closely with Grayson Mill Energy to preserve jobs and to ensure the transfer of expertise in the best possible way,” says Al Cook, executive vice president of Development & Production International at Equinor.