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Equinor & Partners Discover Oil & Gas in North Sea

Gasoil News - Published on Fri, 08 Nov 2019

Image Source: equinor.
Equinor and partners ExxonMobil, Idemitsu and Neptune have discovered oil and gas in exploration well Echino South, 35/11-23, by the Fram field in the North Sea. Recoverable resources are estimated at 6-16 million standard cubic metres of oil equivalent, corresponding to 38-100 million barrels of oil equivalent. Nick Ashton, Equinor’s senior vice president for exploration in Norway and the UK, said “We are making one of this year’s biggest discoveries in the most mature area of the Norwegian continental shelf, not far from the Troll field. This demonstrates the opportunities that still exist for value creation and revenue from this industry. 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.”

Adding considerably to the resources in this part of the North Sea, the discovery will probably be tied back to existing infrastructure. Further knowledge of the area and new data investments have increased our confidence in the exploration opportunities in this part of the northern North Sea.

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Posted By : Yogender Pancholi on Fri, 08 Nov 2019
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