June 30, 2026 [Reuters]- Norway’s Vaar Energi and Equinor said on Tuesday they have agreed on an asset exchange on ​the Norwegian continental shelf, giving Vaar a larger ‌stake in the Peon gas discovery and management of the asset.

• Vaar will acquire a 32.5% interest in Peon, one of the Norwegian ​shelf’s largest undeveloped gas discoveries, with estimated recoverable ​resources of 105 million to 195 million barrels ⁠of oil equivalent (boe), with plans to tie it ​back to its Gjoea hub.
• The planned development is expected ​to extend the economic life of the Gjoea hub to around 2045 and support long-term gas production from the area.
• In exchange, ​Equinor will receive a 5% stake in the Fram ​field, including Vaar’s interests in the Mulder and Grosbeak discoveries, as ‌well ⁠as the Groenngylt prospect, strengthening Equinor’s position in the Troll Fram area.
• Vaar said the transaction would add output from around 2030, supporting the company’s long-term production ​target of more ​than 400,000 ⁠barrels of oil equivalent per day.
• “By increasing our ownership and becoming operator of the ​Peon discovery, we add material resources and ​position ⁠Vaar Energi to deliver long-term value from existing infrastructure,” Vaar Energi CEO Nick Walker said in a statement.
• The ⁠transaction ​is subject to customary approvals, including ​approval for the transfer of management from Norway’s Ministry of Energy.