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Equinor received government approval to extend Troll gasfield lifetime beyond 2050

Gasoil News - Published on Mon, 10 Dec 2018

Image Source: Reuters
Reuters reported that Equinor has received government approval for its plan to boost output and extend the lifetime of Troll, Norway's largest oil and gas field. The field accounts for about 40 per cent of the natural gas reserves on the Norwegian continental shelf (NCS) and meets about 7-8 per cent of Europe's consumption. Norway is Europe's second largest gas supplier after Russia. The approved 7.8 billion Norwegian crowns ($915 million)Phase 3 development will help to produce an extra 2.2 billion barrels of oil equivalent and extend gas production beyond 2050. In Phase 3, a gas cap located above the Troll West oil column will be produced at the same time as oil production continues.

Mr Torger Roed, Equinor's senior vice president for the project, said that "With a break-even of less than $10 per barrel, Troll Phase 3 is one of the most profitable and resilient projects ever in our company."

Equinor and its partners have awarded 950 million crowns in contracts for marine installations and subsea facilities to Nexans, Deep Ocean, IKM, Allseas and Marubeni.

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Posted By : Joykumar Irom on Mon, 10 Dec 2018
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