Norway – Equinor and Aker BP announced intentions to develop four oil and gas discoveries. The total investment of 14.5 billion Norwegian crowns (1.69 billion dollar) are part of Norway’s efforts to increase output from existing assets.
The Nordic nation began extracting oil and gas fifty years ago. The country believes it has only tapped around half of its available resources. It is hopeful that near-field initiatives will help safeguard output for years to come.
Norwegian Sea investment
Equinor, Petoro, Eni, and TotalEnergies announced a joint investment of 6.5 billion crowns in two oil and gas discoveries. One in the Kristin gas and one condensate field in the Norwegian Sea.
The plan, which is the first phase of the Kristin South project, was submitted to the oil and energy ministry for approval. It intends to develop the Lavrans and Kristin Q discoveries.
Over the field’s projected life, the combined production of oil and gas from the two developments is estimated to be 58.2 million barrels of oil equivalent.
The first three wells, two at Lavrans and one at Kristin Q, are to begin production in 2024. The two last wells at Lavrans begin production in 2025, with more finds possible afterwards.
Equinor owns 55.3 percent of the Kristin field, while Petoro owns 19.6 percent. Eni’s Norwegian affiliate Vaar Energi owns 19.1 percent, and French TotalEnergies owns 6 percent.
Separately, Aker BP and partners ConocoPhillips and Lundin Energy will invest 8 billion Norwegian crowns (935 million dollar) in the Alvheim area of the North Sea. They plan to develop the Kobra East and Gekko oil and gas discoveries.
Aker BP told the Norwegian energy ministry that the project seeks to produce approximately 40 million barrels of oil equivalent at a break-even price of less than $30 per barrel. Production is set to begin in 2024.
Aker BP owns 65 percent of the licence comprising the discoveries. ConocoPhillips owns 20 percent and Lundin Energy owns 15 percent .