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.
U.S. oil rigs fell five to 231 this week, while gas rigs gained three to 76, their highest since July, according to Baker Hughes data.
The Scoop and Stack plays are still in the money but only with improved well spacing and effective management of frac-driven interactions.
Compelling returns at $50 WTI portend bright supply picture.