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