Equinor, Partners Agree Plan for Major North Sea Project
Equinor ASA and its partners have agreed on a development concept for Ringvei Vest, an oil and gas project spanning 8 licenses on Norway's side of the North Sea.
"We estimate that Ringvei Vest will contribute 240 million barrels of oil equivalent", Kjetil Hove, Equinor executive vice president for exploration and production in Norway, said in an online statement.
"A solid effort has been put in over a long period, and I am confident that together with partners and authorities, we have arrived at the best development solution, which also ensures optimal resource utilization".
Equinor said Ringvei Vest, "one of the largest early-phase projects on the Norwegian Continental Shelf", would develop the discoveries Grosbeak, Swisher, Mulder, Kveikje, Toppand, Røver Sør and Røver Nord, as well as the Grønngylt prospect. Thirteen wells would be drilled and connected to the existing Troll B production platform.
"Plans also include a new compressor on Troll B to increase processing capacity at the platform", majority state-owned Equinor said. "The platform is partially powered from shore, which enables oil and gas in Ringvei Vest to be produced with low emissions".
"The decision on continuation is planned for the end of the year. The timeline for the final investment decision, submission of the plan for development and operation, and production start-up is not yet decided", it said.
Equinor said it was too early to estimate the size of the investment.
"The Norwegian Continental Shelf is maturing, new discoveries are smaller and costs are increasing. To maintain a high activity level and reliable energy supplies to Europe, it is important to develop marginal discoveries near existing infrastructure and collaborate across licenses", Hove said.
Equinor aims to grow its production offshore Norway by 100,000 barrels of oil equivalent a day to 1.35 million boed by 2030, and 1.3 MMboed by 2035.
Equinor operates all Ringvei Vest production licenses through Equinor Energy AS: 090, 090JS, 24BC, 248I, 293B/CS, 630, 923 and 925. Its partners are DNO Norge AS, INPEX Idemitsu Norge AS, Norway's state-owned Petoro AS, Vår Energi ASA and Wellesley Petroleum AS, as well as Aker BP ASA pending government approval.
To contact the author, email jov.onsat@rigzone.com
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