London, October 30, 2024, (Oilandgaspress) ––– Equinor has signed an agreement with EQT Corporation to acquire additional non-operated interest in the Northern Marcellus formation in the US. Equinor will pay USD 1.25 billion to EQT in the transaction.
Under the agreement, Equinor is acquiring 100% of EQT’s remaining working interest in Northern Marcellus gas units primarily operated by Expand Energy.
The transaction will increase cashflow from the international portfolio by adding natural gas volumes with low carbon intensity emissions from production.
Subject to closing, the acquisition will have economic effect from 31 December 2024. The acquisition covers the same acreage included in the swap agreement with EQT announced earlier this year.
With this transaction, Equinor is increasing its average working interest in the Northern Marcellus asset from 25.7% to 40.7%. The transaction adds approximately 80,000 barrels of oil equivalent per day (boe/d) to Equinor’s US production in the near-term.
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