Equinor Discovers Oil and Gas in the North Sea
Norwegian energy major Equinor and its partners have found oil and gas at the Echino South prospect near the Fram field in the North Sea.
Recoverable resources are estimated at between 38 million and 100 million barrels of oil equivalent, adding considerably to the area’s resource base, the company said.
Equinor senior vice president for exploration in Norway Nick Ashton said: “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. This demonstrates the opportunities that still exist for value creation and revenue from this industry.”
According to Equinor this discovery will likely be tied back to existing infrastructures including the Troll field, located around 20km from the Fram field.
“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. By utilizing existing infrastructure, these resources may be recovered at good profitability and with low CO2 intensity”, Equinor said.
Equinor holds a 45% stake in the license, while Idemitsu and Neptune Energy each hold 15%. The remaining 25% stake is held by Exxon Mobil Norway, which was recently sold to Eni’s local unit Vaar Energi.