Norway has approved Equinor’s project to boost oil recovery from the Gullfaks Field in the North Sea by 17 million barrels, the energy ministry said on June 14.
The project, which aims to produce oil from the Shetland/Lista dense lime reservoir located above the field’s main reservoir, is estimated to cost 2.2 billion Norwegian crowns (US$254 million) and is profitable at an oil price above $27 per barrel, the company added in a statement.
Equinor, the field’s operator, has a 51% stake, state-owned Petoro 30% and OMV 19%.
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