Norwegian oil and gas firm Equinor has found more oil near its Johan Castberg Field in the Arctic Barents Sea, the company said Oct. 29.
The Skruis exploration well, drilled about 8 km, north of the original discovery, indicated a volume of between 12 million and 25 million barrels (MMbbl) of recoverable oil.
“The Skruis discovery confirms the potential in this part of the Barents Sea ... The partners will now further consider tie-in of the discovery to Johan Castberg,” Equinor said.
The Castberg field, estimated to hold between 450 MMbbl and 650 MMbbl of oil, excluding Skruis, is expected to start in 2022.
The timeframe for developing Skruis would depend on the availability of spare capacity at Johan Castberg production facilities, which are likely to be fully utilized until 2026-2027, the company added.
Equinor, the operator, holds a 50% stake in the Johan Castberg license, while Eni has 30% and Norway’s state-owned Petoro the remaining 20%.
Equinor plans to drill three wells in the Barents Sea this year, and to participate as a partner in a fourth.
Recommended Reading
Kinder Morgan Nominates Deloitte’s Amy Chronis to Board
2024-04-03 - Amy Chronis, currently a senior partner with Deloitte, will stand for election along with Kinder Morgan’s current directors at the company’s annual meeting on May 8.
CorEnergy Infrastructure to Reorganize in Pre-packaged Bankruptcy
2024-02-26 - CorEnergy, coming off a January sale of its MoGas and Omega pipeline and gathering systems, filed for bankruptcy protect after reaching an agreement with most of its debtors.
NGL Growth Leads Enterprise Product Partners to Strong Fourth Quarter
2024-02-02 - Enterprise Product Partners executives are still waiting to receive final federal approval to go ahead with the company’s Sea Port Terminal Project.
After Megamerger, Canadian Pacific Kansas City Rail Ends 2023 on High
2024-02-02 - After the historic merger of two railways in April, revenues reached CA$3.8B for fourth-quarter 2023.
Enbridge Advances Expansion of Permian’s Gray Oak Pipeline
2024-02-13 - In its fourth-quarter earnings call, Enbridge also said the Mainline pipeline system tolling agreement is awaiting regulatory approval from a Canadian regulatory agency.