Equinor is planning to sell its interests in the Bakken field in the U.S. states of North Dakota and Montana to Grayson Mill Energy, backed by EnCap Investments, for a total consideration of around $900 million.
The transaction covers all of Equinor’s operated and non-operated acreage, totaling 242,000 net acres, and associated midstream assets in the Bakken. Entitlement production from these assets in the fourth quarter of 2020 was 48,000 barrels of oil equivalent per day (net of royalty interests).
In parallel with this transaction, Equinor Marketing and Trading will enter into a term purchase agreement for crude offtake with Grayson Mill Energy.
“Equinor is optimizing its oil and gas portfolio to strengthen profitability and make it more robust for the future,” said Anders Opedal, president and CEO of Equinor. “By divesting our Bakken position, we are realizing proceeds that can be deployed towards more competitive assets in our portfolio, enabling us