Equinor and its partners in Norway’s Breidablikk oil discovery have agreed on an 18.6 billion Norwegian crowns ($1.95 billion) development plan for the North Sea field, the state-controlled company said Sept. 28.
Partners in the field are ConocoPhillips, Petoro and Vaar Energi, a unit of Eni.
“The Breidablikk field is one of the largest undeveloped oil discoveries on the Norwegian continental shelf,” Equinor said in a statement.
The field is estimated to contain some 200 million barrels of oil and is scheduled to begin output in the first half of 2024, Equinor said.
Deploying remote-control technology designed to cut costs, the field will have only subsea installations, rather than a traditional platform, taking advantage of its proximity to the older Grane oil platform and an extensive pipeline network.
“Breidablikk is being phased in during a period of declining oil production at Grane and will help maintain the activity level on the platform,” Equinor said.
Energy industry leaders say technology and standardization are critical to lowering costs and improving efficiency offshore.
Upstream activity will fuel the region as a leader on the road to recovery.
The measures combined are worth between C$81 million ($61.4 million) and C$84 million in the first year, government spokesman Justin Marshall said.