Equinor and its partners are moving forward with plans to develop the Wisting oil discovery in the Arctic Barents Sea, with a final investment decision expected by the end of 2022, the company said Nov. 12.
Wisting, Norway’s northernmost oil discovery some 193 miles north of the Nordic country’s mainland, is estimated to hold about 440 million barrels of oil equivalent.
“Wisting is a considerable oilfield in the Barents Sea, and we are cooperating well with our partners in further maturing the project,” Equinor said in a statement.
Norway’s push to explore and develop new oil and gas fields in the Barents Sea has been criticized by environmentalist groups that have filed court challenges against the expansion into the ecologically fragile region.
On behalf of the partnership, Equinor on Nov. 12 awarded contracts for concept studies, including to Aker Solution and TechnipFMC.
As it stands, the plan is to use an FPSO to produce hydrocarbons from the field, albeit with a final concept selection expected in second-quarter 2021.
To reduce CO2 emissions from operations, the partners will also study the possibility of connecting the offshore installations to an onshore grid, Equinor said.
Equinor, which has a 35% stake, will operate the field during its development phase, while OMV, which has 25%, will take operatorship when the production starts. Norway's Petoro and Japan’s Idemitsu Petroleum each have stakes of 20%.
In October, Idemitsu agreed to sell half of its stake to Sweden’s Lundin Energy.
Vaar Energi, a joint venture of Eni and HitecVision , operates the only producing oil field in Norway’s Arctic, known as Goliat, while Equinor plans to start production at its Johan Castberg field in 2023.
Recommended Reading
US EPA Expected to Drop Hydrogen from Power Plant Rule, Sources Say
2024-04-22 - The move reflects skepticism within the U.S. government that the technology will develop quickly enough to become a significant tool to decarbonize the electricity industry.
Exclusive: ‘Regulatory Tsunami’ a Top Priority for American Producers, Says AXPC’s Bradbury
2024-04-22 - Regulatory considerations have significant implications for how oil and gas companies evaluate risk, and it’s a top priority for American energy producers right now, said American Exploration & Production Council CEO Anne Bradbury at CERAWeek by S&P Global.
Exclusive: The Politics, Realities and Benefits of Natural Gas
2024-04-19 - Replacing just 5% of coal-fired power plants with U.S. LNG — even at average methane and greenhouse-gas emissions intensity — could reduce energy sector emissions by 30% globally, says Chris Treanor, PAGE Coalition executive director.
Renewed US Sanctions to Complicate Venezuelan Oil Sales, Not Stop Them
2024-04-19 - Venezuela’s oil exports to world markets will not stop, despite reimposed sanctions by Washington, and will likely continue to flow with the help of Iran—as well as China and Russia.