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
20 June 2025
The scale of energy demand growth by 2030 and beyond asks huge questions of gas supply especially in the US
20 June 2025
The Emirati company is ramping up its overseas expansion programme, taking it into new geographic areas that challenge long-held assumptions about Gulf NOCs
19 June 2025
Geopolitical uncertainty casts a pall over expectations around demand, supply, investment and spare capacity
19 June 2025
Shifting demand patterns leaves most populous nation primed to become downstream leader as China and the West retreat
