Norway’s Equinor (EQNR.OL) and its partners have uncovered oil near the Snorre field in the North Sea and intend to develop the reserves quickly and cost-effectively, the state-controlled company announced on Monday.
Preliminary assessments by Norway’s Offshore Directorate (NOD) estimate the “Omega South Alfa” discovery holds between 25 million and 89 million barrels of recoverable oil equivalent, classifying it as a medium-sized find for Equinor.
Norwegian operators are increasingly exploring around mature oil and gas fields to extend their productive life by linking new reserves to existing platforms.
“The new discovery will be tied back rapidly to existing subsea infrastructure and produced via the Snorre A platform,” said Equinor Senior Vice President Erik Gustav Kirkemo. “With much of the infrastructure already paid off, these are highly competitive barrels.”
Equinor manages the Omega South Alfa licence, with Petoro, Harbour Energy, INPEX Idemitsu (1605.T), and Vaar Energi (VAR.OL) also holding stakes.
Norway supplies roughly 20% of Europe’s oil and 30% of its natural gas demand, according to Equinor.
