Equinor buys Shell's stake in the Linnorm gas discovery
STOCKHOLM, Dec 14 (Reuters) - Norway's Equinor said on Thursday it has agreed to buy Shell's stake in the Linnorm gas discovery in the Norwegian Sea, raising its ownership to 50%.
It said in a statement it expects to finalise the deal in the first quarter of 2024.
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Equinor said the Linnorm find is the largest undeveloped gas discovery on the Norwegian Continental Shelf and is estimated to contain around 25-30 billion cubic meters (bcm) of recoverable gas resources.
"This does not impact our ambition to maintain a material upstream position," Shell Norway Managing Director Marianne Olsnes said in the joint statement. (Reporting by Anna Ringstrom, editing by Terje Solsvik)