Equinor Makes Gas Discovery in Norwegian Sea | OilPrice.com
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Breaking News:
Equinor on Wednesday announced a new gas and condensate discovery in the Norwegian Sea, which could contribute to Norway’s efforts to boost natural gas production and exports to Europe.
Equinor and its partners, Okea and Pandion Energy, have proven gas and condensate in the Mistral Sør exploration well in the Halten area in the southern part of the Norwegian Sea.
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Early estimates put the volume of the discovery at 19-44 million barrels of recoverable oil equivalents.
The important thing for the explorers is that the discovery was made in a well-developed area in the Norwegian Sea, Åsgard and Kristin. The new find is just north of Linnorm, the largest gas discovery on the Norwegian continental shelf (NCS) that has yet to be developed, Equinor said.
“Norwegian gas is in high demand and is crucial to Europe’s energy security. That’s why it’s important for us to continue exploring and making new discoveries so we can maintain a high level of deliveries,” said Grete Haaland, Equinor’s senior vice president for Exploration & Production North.
“This discovery was made in an area where gas infrastructure is already in place, and which we’re also continuing to develop.”
Equinor is currently exploring for oil and gas in the area, and has made several discoveries in recent years.
The Norwegian energy major has recently announced it would cut renewable energy targets and investments and prioritize high-return developments of oil and gas. For Europe and for Equinor, finding and developing more gas fields has been a focus since the Russian invasion of Ukraine and the halt to most Russian gas supply to Europe in 2022.
Earlier this year, gas export system operator Gassco said that Norway’s natural gas exports hit a record level in 2024 and are expected to remain close to this all-time high in the next few years.
By Tsvetana Paraskova for Oilprice.com
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