Norway’s Equinor divested its interest in the Gina Krog field to PGNiG Upstream Norway for an undisclosed amount.

Equinor is selling its 19.5% interests in production licenses (PL) 048E, which is the Eirin field, and PL 1201, the Norwegian energy giant announced June 4.

With the divestment, the ownership between Equinor and PGNiG in these licenses will be balanced in the Gina Krog field, which is located in the North Sea.

"Balanced partnerships will make it easier to coordinate decisions in the licenses to optimize production and enhance value creation from the area,” Equinor's senior vice president for late-life fields Camilla Salthe said in the release.

“Together with the electrification of the platform, the Eirin development will extend the lifetime of the Gina Krog field, which supplies gas to Europe with low emissions from production and transport," Salthe said.

In January, the plan for development and operation for Eirin was approved. Under the plan, the field will be developed as a subsea facility tied back to the Gina Krog platform. The subsea template is under construction in Egersund, Norway and is scheduled for installation in the summer of 2024, according to Equinor.

PL 1201 was awarded during this year's awards in predefined areas.

“Any discoveries in this license could make use of Eirin's infrastructure and be tied back to the Gina Krog platform. The economic effective date for the transfers is Jan. 1. Closing of the transaction is conditional upon ministry approval,” Equinor said in the release.