Trade

Equinor discovers its sixth oil discovery in Norway in 2021.

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Equinor announced on Monday that it made an oil discovery off the coast of Norway that might hold up to 62 million barrels of crude.

The discovery in the Norwegian Sea, slightly north of the Tyrihans field and west of the Kristin development, was the state-controlled firm’s sixth in domestic seas this year, it added.

Equinor wants to map potential resources around existing oil and gas fields, thereby shortening development time and increasing the value of its investments.

“Future value creation will largely come from increased recovery from existing fields, and connection of new discoveries close to existing infrastructure,” Equinor said in a statement.

“Such near-field discoveries are profitable, robust against fluctuations in oil (and) gas prices, they have a short payback period and low emissions,” the company added.

Equinor has announced that it will invest in renewable energy as pressure increases on oil firms to transition to low-carbon energy. Developing any additional fossil fuel, on the other hand, contradicts the goals of the United Nations climate talks, which are taking place in Glasgow, Scotland, over the next two weeks.

According to the International Energy Agency (IEA), the globe must halt new oil and gas investment by next year. Preliminary research of the well, which was drilled to 3,883 metres below sea level and christened ‘Egyptian Vulture’ by Equinor and its partners, revealed a light-oil quality that was well-suited to refiners.

It had between 3 million and 10 million cubic metres of recoverable oil, which equated to between 19 million and 62 million barrels, according to the report.

“The discovery will be evaluated for further appraisal and assessed for tie back to existing fields in the area,” the company said. Partners in the licence were Longboat Energy, with a 15% stake, and Poland’s PGNiG, which holds 30%. Operator Equinor holds the remaining 55%.

Story by : Norvisi Mawunyegah