Back to overview Home Fossil Energy Gas discovery edges closer to development with Equinor-Vår Energi asset swap Gas discovery edges closer to development with Equinor-Vår Energi asset swap Business & Finance June 30, 2026, by Melisa Cavcic Share this article As operators embark on portfolio optimization quests, with a series of asset exchanges reshaping the Norwegian Continental Shelf (NCS), the latest such move comes from Norway’s state-owned energy giant Equinor and its compatriot Vår Energi, which have agreed to a swap of offshore oil and gas assets. Gjøa platform; Source: OKEA The duo’s asset swap in the Troll and Gjøa areas will enable further maturation of the Peon gas discovery toward development and strengthen Equinor’s position in the Troll-Fram area. Peon is seen as one of the largest undeveloped gas discoveries on the NCS, with estimated recoverable resources of 105–195 million barrels of oil equivalent, located approximately 60 kilometers from the Gjøa field. While the Norwegian state-owned firm will transfer 32.5% of its interest in the Peon discovery and operatorship to Vår Energi as part of a broader asset swap, it will receive interests in producing assets and development licences, including a 5% share in the Fram field and the other player’s positions in the Grosbeak and Mulder discoveries, alongside the Grønngylt prospect that are part of the Ringvei Vest development . This content is available after accepting the cookies. Change cookie-settings View on Offshore-energy. Several North Sea oil & gas discoveries fusing into large subsea tie-back project Kjetil Hove , Executive Vice President for Exploration & Production Norway, commented: “This transaction enables us to speed up progress of one of the largest undeveloped gas discoveries on the NCS, Peon, while strengthening our position in the Troll-Fram area. “The swap supports efficient development of resources and increased use of existing infrastructure. This is the latest in a series