Story details
Norway’s Ministry of Energy said on 2 October that it had signed an agreement to acquire M Vest Energy’s 5% interest in the Polarled gas pipeline in exchange for a 3.6% interest in the Draugen field. The transaction is conditional on agreed closing requirements, including necessary government and third-party approvals; some parts also require parliamentary consent.
The agreement has an economic effective date of 1 January 2026, and the ministry is aiming to complete it by the end of 2026. Separately, under a 2024 agreement to buy interests from Equinor, the state has a right to acquire Equinor’s Polarled interests if it becomes the last private owner, and the ministry says it will exercise that right. The ministry said the state would hold 100% of Polarled through the State’s Direct Financial Interest arrangement once both relevant transactions are completed. That ownership outcome is conditional and has not yet been reported as completed.