Equinor Makes First Find of 2021
Equinor (NYSE: EQNR) has announced that it and its partners - DNO Norge (OTCMKTS: DTNOF), Petoro and Wellesley Petroleum - have struck gas and oil in the North Sea’s production license 923.
Recoverable resources of the Rover North find are estimated to be between seven and 11 million standard cubic meters of oil equivalent, which Equinor highlighted corresponds to between 44 and 69 million barrels of oil equivalent.
Equinor noted that the Rover North discovery adds to a number of finds in the Troll/Fram area in recent years. Recoverable oil equivalents from the area’s Echino, Swisher and Rover North discoveries can already measure against the total production from fields like Valemon, Gudrun and Gina Krog, Equinor stated.
“The discovery is a direct consequence of thorough subsurface work in the Troll/Fram area over many years, and shows the importance of not giving up, but starting over, looking at old issues from new angles,” Nick Ashton, Equinor’s senior vice president for exploration in Norway, said in a company statement.
“Exploration thus creates great values for society, at the same time as the resources can be realized in accordance with the requirements for CO2 emissions through the value chain, from discovery to consumption,” he added in the statement.
Commenting on the find, DNO’s executive chairman, Mossavar-Rahmani, said, “coming on the heels of the Bergknapp discovery in 2020, in which DNO has a 30 percent interest, we continue to gain traction and materiality in our North Sea exploration program”.
Equinor’s last find was made with partner BP (NYSE: BP) offshore Newfoundland, Canada, back in October 2020. The companies made two oil discoveries at the Cappahayden and Cambriol prospects, drilled last summer in the Flemish Pass Basin. In a statement at the time, however, Equinor said it was too early to provide specific information on volumes.
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