UK Markets closed

Equinor buys stakes in Norway oil and gas finds from Wellesley

FILE PHOTO: A view of Equinor's oil platform in Johan Sverdrup oilfield in the North Sea

OSLO (Reuters) -Norway's Equinor said on Wednesday it had agreed to buy oil and gas stakes in five discoveries in the Troll, Fram and Kvitebjoern areas of the North Sea from Wellesley Petroleum AS for an undisclosed amount.

The transaction strengthens Equinor's position in a core area on the Norwegian continental shelf (NCS) that has emerged as an "exploration hotspot" in recent years, the company said in a statement.

"These discoveries can be put into production with low costs and low CO2 emissions by being connected to the suitable infrastructure in the area," said Kjetil Hove, executive vice president for exploration and production in Norway.

"Discoveries close to infrastructure are important for our ambition to maintain production at current levels from the NCS beyond 2030," he said.

The transaction comprises an 18.8% stake in the Grosbeak discovery, 45% in Toppand, 40% in Atlantis and 20% in Roever Nord and Roever Soer, Equinor said.

(Reporting by Terje Solsvik; editing by Anna Ringstrom and Jason Neely)