The Oseberg C platform in the North Sea
Equinor pounces on Grosbeak discovery
Norwegian firm trades offshore acreage for operating role in the field
Private-equity backed Wellesley Petroleum has agreed to an asset swap deal with operator Equinor on the Norwegian continental shelf, reducing its footprint in several licences in exchange for a greater stake in strategic offshore discoveries. Equinor will acquire a 40pc operating stake in three licences: PL090 JS, PL248 I and PL925. The Grosbeak discovery straddles all three, and Wellesley is targeting first oil for 2025. The find is set to miss out on the tax incentives being offered for projects green lit by the end of next year, however. "Grosbeak is unlikely to take FID before the end 2022, although we await the new operator’s schedule," Wellesley CEO Chris Elliott tells Petroleum Econom
Also in this section
26 February 2026
OPEC, upstream investors and refiners all face strategic shifts now the Asian behemoth is no longer the main engine of global oil demand growth
25 February 2026
Tech giants rather than oil majors could soon upend hydrocarbon markets, starting with North America
25 February 2026
Capex is concentrated in gas processing and LNG in the US, while in Canada the reverse is true
25 February 2026
The surge in demand for fuel and petrochemical products in Asia has led to significant expansion in refining and petrochemicals capacities, with India and China leading the way
