NEWS

(Bloomberg) – Equinor ASA said new seismic data is allowing for the reassessment of offshore oil and gas resources on Norway’s continental shelf, underpinning exploration and production efforts as the company targets as many as 30 wildcat wells a year through 2035.

Source: Equinor
“We are basically remapping the whole Norwegian Continental Shelf with new seismic technology, and we see quite a lot of interesting things left,” Kjetil Hove, Equinor’s head of Norwegian exploration and production, said Monday at the ONS conference in Stavanger.

Norway today supplies about a quarter of Europe’s natural gas, having replaced Russian flows cut in the aftermath of the invasion of Ukraine.

Existing infrastructure will produce most of the oil and gas that remains on the country’s continental shelf, with Equinor planning to spend between 60 billion kroner ($5.7 billion) and 70 billion kroner annually through the middle of the decade to maintain volumes, Hove said.

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