Equinor (EQNR) and Var Energi have agreed to exchange natural gas assets on the Norwegian continental shelf, Equinor said Tuesday.

Under the swap, Equinor will transfer 32.5% of its interest in, and operatorship of, the Peon natural gas discovery to Var Energi in exchange for interests in producing assets and development licenses, including a 5% share in the Fram field, and positions in the Grosbeak and Mulder discoveries, it said.

The transaction enables further maturation of the Peon gas discovery towards development and strengthens Equinor's position in the Troll-Fram area, according to Equinor.

Peon is one of the largest undeveloped gas discoveries offshore Norway, with estimated recoverable resources of 105 million to 195 million barrels of oil equivalent, Equinor said.