Equinor makes new discovery in mature part of Norwegian North Sea

Equinor announced yesterday the discovery of gas and condensate in an exploration well near the Kvitebjorn field in the Norwegian section of the North Sea.

Well 30/2-5 S Atlantis was drilled to a vertical depth of 14,301 feet below sea level and water depth in the area is 465 feet.

The proven reserves of the find are estimated to be between 19 and 63 million barrels of oil equivalent, according to Equinor.

Norway’s state-owned energy giant noted that the well was not formation tested but added that ‘extensive’ amounts of data have been acquired and samples have been taken.

“It is encouraging to see that we are able to keep proving more resources in one of the most mature areas on the Norwegian continental shelf,” said Equinor’s senior vice president for exploration in Norway and the UK Nick Ashton.

“Now we will work on evaluating the potential for profitable and CO2 efficient recovery,” he added in a company statement posted on Equinor’s website.

Equinor announced its first Norwegian Continental Shelf discovery of 2020 in March and followed this up with an oil discovery in the US Gulf of Mexico in April.

In January, the firm announced plans to slash its fossil fuels emissions by 40% by 2030, as part of a wider plan to get close to net zero by 2050.