London, 15 April 2024, (Oilandgaspress): – Equinor and EQT Corporation have agreed to swap Equinor’s operated position in the Marcellus and Utica shale formations in Ohio for a stake in EQT’s non-operated interest in the Northern Marcellus formation.
Under the transaction agreement, Equinor will sell 100% interest in and operatorship of its onshore asset in the Appalachian Basin, located in southeastern Ohio, in exchange for 40% of EQT’s non-operated working interest in the Northern Marcellus shale formation in Pennsylvania.
Equinor will pay a cash consideration of USD 500 million to EQT to balance the overall transaction, swapping for resources that contribute to growing cashflows and further reducing CO2 emissions intensity in the international portfolio.
Following the transaction, Equinor will increase its average working interest from 15.7% to 25.7% in certain Chesapeake-operated Northern Marcellus gas units. To cover pre-existing gas sales commitments, Equinor will enter a gas buy-back agreement with EQT.
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