Equinor Strikes Oil Offshore Norway
Equinor (NYSE: EQNR) and its partners Var Energi and Aker BP have found oil in production license 554 offshore Norway, Equinor revealed Monday.
Recoverable resources at the discovery site are estimated to be between 1.3 and 3.6 million standard cubic meters of oil equivalent, corresponding to between eight and 23 million barrels of oil equivalent, Equinor highlighted.
Equinor noted that the licensees will consider tying in the discovery to the Garantiana field development project. This is the fifth exploration well in production license 554, which was awarded back in February 2010 as part of APA 2009.
“This is the first Equinor operated well in the production license, and the fifth discovery on the Norwegian continental shelf this year,” Rune Nedregaard, Equinor’s senior vice president of exploration and production south, said in a company statement.
“The discovery is in line with our roadmap of exploring near existing infrastructure in order to increase the commerciality,” the Equinor representative added in the statement.
In April this year, Equinor announced that it and its partners Total E&P Norge AS and Var Energi AS had found oil and gas in a new segment belonging to the Tyrihans field in the Norwegian Sea. Recoverable resources were estimated to be between 19 and 26 million barrels of oil equivalent. In March, the company announced that it had made two finds with partners on the Norwegian Continental Shelf – one near the Fram field estimated to hold between 75 and 120 million barrels of recoverable oil equivalent, and one near the Johan Castberg field estimated to hold between 31 and 50 million barrels of recoverable oil.
Equinor made its first 2021 discovery near the Troll field in the North Sea. Recoverable resources at this site were estimated to be between 44 and 69 million barrels of oil equivalent.
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