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.
The 27 high-impact discoveries made by wells drilled last year collectively pushed discovered commercial volumes to a level not seen since 2015, report shows.
Most of the undiscovered technically recoverable oil resources are believed to be in the Brookian Sequence, the USGS report shows.
Bringing directional drillers together in the Permian Basin has resulted in improved communication and more sharing of knowledge, a company engineer says.