Oil firms Equinor and Rosneft expect to extract some 250 million barrels of oil and 23 billion cubic meters of gas during the first part of the development of the Severo-Komsomolskoye oilfield in Russia, Equinor said on Dec. 23.

Rosneft holds a 66.67% stake, and Equinor holds the remaining 33.33%, in the joint venture company SevKomNeftegaz that owns the license.

Equinor did not say how much it would invest in the project.