Equinor has made a new oil and gas discovery near Norway’s giant Troll Field in the North Sea with partners DNO, Wellesley Petroleum and Petoro, the Norwegian Petroleum Directorate said Feb. 5.
Equinor said in a separate statement that the reservoir is expected to contain between 44 million and 69 million barrels of oil equivalent.
The size of the discovery was “well above” expectations, junior partner DNO said without elaborating.
“The partners are considering fast-track development of the discovery with tie-back to nearby Troll area infrastructure, as well as additional drilling to test other identified prospects on the license,” DNO said.
Operator Equinor has a 40% stake in the license while Petoro, DNO and Wellesley Petroleum each hold 20% stakes.
Recommended Reading
Apache Posts Lower Fourth-quarter Loss as Oil Prices Recover
U.S. oil producer Apache raised its project spending forecast to $1.1 billion for this year as oil prices have improved since its previous outlook of keeping upstream expenses below a billion dollars.
Tailwater Capital Strikes Midstream Deal With NorTex
The NorTex Midstream deal follows the acquisition of Tall Oak II and III by Tailwater Capital last month in Oklahoma’s Arkoma STACK.
Pioneer Says Output Dip Won’t Derail Variable Dividend Plans
Most Pioneer Natural Resources production in the Permian Basin is back online and storm damage repairs are “minor in the grand scheme of things,” CFO Neal Shah said.