Equinor strengthens its position in the northern North Sea

Fossil Energy – Equity Interest

Equinor has signed an agreement to acquire equity interest in five discoveries in the Troll, Fram and Kvitebjørn area in the North Sea on the Norwegian continental shelf (NCS) from Wellesley Petroleum.

Since 2019, Equinor has made seven discoveries in this area.

The transaction adds to Equinor’s equity share in the following discoveries: an additional 18.8% in Grosbeak, 45% in Toppand, 40% in Atlantis and 20% in Røver Nord and Røver Sør.

“With this transaction, we strengthen our position in one of our core areas on the Norwegian continental shelf. These discoveries can be put into production with low costs and low CO2 emissions by being connected to the suitable infrastructure in the area. Discoveries close to infrastructure are important for our ambition to maintain production at current levels from the NCS beyond 2030,” says Kjetil Hove, executive vice president for Exploration and Production Norway.

Although a mature part of the Norwegian continental shelf, the Troll and Fram area has emerged as an exploration hotspot over the last years, and Equinor has made a number of discoveries in this area, including Swisher, Toppand and Røver Nord and Sør.

Equinor has started field developments projects to coordinate the development of these discoveries in collaboration with partners.

Original Source: https://ocean-energyresources.com/2023/03/01/equinor-strengthens-its-position-in-the-northern-north-sea/