New oil and gas discovery in the North Sea

oil industry climateOil industry.Photo: pixabay.com

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Equinor said that it has “made one of the biggest discoveries of the year”. Together with three partners, it has found between 38 and 100 million barrels of oil in the North Sea.

“The discovery is made in the most mature area on the Norwegian continental shelf, not far from the Troll field. It shows what opportunities still exist for value creation and revenue from this industry,” said Nick Ashton, Equinor’s Director of Exploration for the Norwegian and British Shelf.

The discovery was made 3.2 kilometers southwest of the Fram field at a location where the depth of the sea is 350 meters. It will probably be linked to existing infrastructure.

“After more than fifty years of geological exploration on the Norwegian continental shelf, we are constantly learning new things and we find hydrocarbons where we previously did not think it existed,” added Ashton.

He believes that the oil and gas in the area can be extracted with good profitability and low CO2 intensity.

Equinor has a 45 per cent share of the production licence while  partners ExxonMobil, Idemitsu Petroleum and Neptune Energy have 25 per cent, 15 per cent and 15 per cent respectively.

© NTB Scanpix / #Norway Today

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