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Equinor Offered Seven Licenses in Norway’s 24th Licensing Round


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Equinor Offered Seven Licenses in Norway’s 24th Licensing Round

Business

Category: Energy

STAVANGER — The Ministry of Petroleum and Energy has offered Equinor seven licenses in the 24th licensing round – five operatorships and two partner positions.

“We have a clear ambition of maintaining profitable production at today’s level on the Norwegian continental shelf (NCS) until 2030 and beyond. It is therefore crucial that we are awarded new exploration acreage beyond already opened areas. We are pleased with the offer we have received today,” said Arne Sigve Nylund, Equinor’s executive V.P. for development and production in Norway.

The award includes a commitment well in the southwestern part of the Barents Sea. Equinor has also been offered an interesting license in deep waters in a frontier part of the Vøring basin, in the Norwegian Sea.

“This award is in line with Equinor’s exploration strategy, securing us access at scale. Exploration on the Norwegian continental shelf (NCS) is becoming ever more challenging. It is important to Norway and the companies to map remaining commercial resources both in the Norwegian Sea and the Barents Sea. We see the need for testing new exploration models and that is what we aim for in these licenses. Proving alternative exploration models is the best way of fully mapping the NCS resources,” says Nicholas Ashton, head of exploration on the NCS.

“We have built on our 40-year history in North Norway and our long exploration experience from the Barents Sea. We therefore want to clarify the potential in the western margin of the Barents Sea and in the Hoop area around Wisting. An Equinor team has worked for a long time on preparing this application, and I am very proud of everyone who has coopered across Equinor to secure the award we received today,” said Ashton.

In contrast to the awards of the 23rd licensing round, the majority of these awards are less mature and therefore require more work before the drilling candidates are ready. Consequently, Equinor will gather and interpret data before the licenses are presented to the partners who will decide on any drilling of exploration wells.

Source: World Oil

Published: March 30, 2020