Equinor announced on Monday that it would swap its Ohio shale gas project for a stake in the Northern Marcellus shale gas field.

Under the terms of the agreement, Equinor will sell its entire shale gas operations in the Appalachian Basin to the EQT gas group.

In return, the Norwegian energy company will receive a 40% interest in the Northern Marcellus field (Pennsylvania), which is not operated by EQT Corporation.

The transaction is to be accompanied by a cash payment of $500 million by Equinor.

Since 2020, Equinor estimates that it has generated some $11 billion in profits from its US operations. Its Ohio operations were its last onshore operations in the US.

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