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OSLO (Reuters) - Norway’s Equinor has agreed to sell its assets in the U.S. Bakken shale oil province after a decade of multibillion-dollar losses and criticism for poor investment decisions.
FILE PHOTO: Equinor s flag in Stavanger, Norway December 5, 2019. REUTERS/Ints Kalnins
Equinor will sell the assets in the states of North Dakota and Montana to Grayson Mill Energy, a company backed by private equity firm EnCap Investments, for around $900 million.
The Bakken region was developed during last decade’s U.S. shale boom, and currently produces more than a million barrels of oil a day, roughly half the peak reached in late 2019.
4 Min Read
OSLO (Reuters) - Norway’s Equinor has agreed to sell its assets in the U.S. Bakken shale oil province after a decade of multibillion-dollar losses and criticism for poor investment decisions.
FILE PHOTO: Equinor s flag in Stavanger, Norway December 5, 2019. REUTERS/Ints Kalnins
Equinor will sell the assets in the states of North Dakota and Montana to Grayson Mill Energy, a company backed by private equity firm EnCap Investments, for around $900 million.
The Bakken region was developed during last decade’s U.S. shale boom, and currently produces more than a million barrels of oil a day, roughly half the peak reached in late 2019.