It will take over as operator of the Rosebank project, which is estimated to hold 300 million barrels of potential recoverable volumes.
The field, around 80 miles northwest of the Shetland Islands, was discovered in 2004 and is currently progressing towards development.
Al Cook, Executive Vice President for Global Strategy and Business Development and UK Country Manager said: “Today’s agreement allows us to buy back into an asset in which we previously had a participating interest, demonstrating our strategy of creating value through oil price cycles.
“The acquisition of Rosebank complements our portfolio of oil, gas and wind assets in this country, in line with our strategy as a broad energy company. This new investment underlines Equinor’s commitment to be a reliable, secure energy partner for the UK.”
The other partners in the field are Suncor Energy (40%) and Siccar Point Energy (20%) – Equinor is buying the stake from Chevron.
The transaction is subject to partner and regulatory approvals.