New North Sea Oil and Gas Discovery Made
Equinor revealed Wednesday that it has discovered oil and gas in exploration well Echino South, which is located by the Fram field in the North Sea.
Recoverable resources are estimated to be between 6 and 16 million standard cubic meters of oil equivalent, which Equinor noted corresponds to between 38 and 100 million barrels of oil equivalent.
“We are making one of this year’s biggest discoveries in the most mature area of the Norwegian continental shelf (NCS), not far from the Troll field,” Nick Ashton, Equinor’s senior vice president for exploration in Norway and the UK, said in a company statement.
“This demonstrates the opportunities that still exist for value creation and revenue from this industry,” he added.
“After more than 50 years of geological surveys on the NCS, we are still learning something new and finding hydrocarbons where we previously thought there were none,” Ashton continued.
The discovery will “probably” be tied back to existing infrastructure, according to Equinor. Echino South was drilled around two miles south-west of the Fram field. The primary exploration target was to prove petroleum in the upper Jurassic reservoir of the Oxfordian age (Sognefjord formation).
Equinor holds a 45 percent stake in the find. ExxonMobil Exploration and Production Norway AS holds a 25 percent interest, and Idemitsu Petroleum Norge AS and Neptune Energy Norge AS each hold a 15 percent stake.
Equinor has announced several discoveries this year, including:
- September 17 – a gas find in the Orn exploration well south-west of the Marulk field in the Norwegian Sea.
- August 20 - an oil discovery in the Sputnik exploration well in the Barents Sea.
- July 26 – an oil discovery in production license 167 at the Utsira High in the North Sea.
- June 17 - an oil and gas discovery in exploration well Snadd Outer Outer/Black Vulture in production license 159B in the Norwegian Sea.
- March 4 - an oil discovery from the Visund A platform in the Telesto exploration well in the North Sea.
- January 16 – a gas and condensate discovery south of the Kristin field in the Norwegian Sea.
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