Released September 18, 2024 | SUGAR LAND
en
Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--An oil and gas discovery in the North Sea was confirmed by Norwegian energy company Equinor (NYSE:EQNR) (Stavanger), which said new production was imminent for the Johan Castberg Field in the Barents Sea.
The Norwegian Offshore Directorate, a national energy regulator, confirmed Tuesday that Equinor discovered oil and gas at two wildcat wells in the Gudrun Field in the North Sea. A wildcat well is one drilled in an area not previously known to yield hydrocarbons.
Drilling with the Deepsea Stavanger, the regulator put the size of the discoveries at a combined 88 million cubic feet of oil equivalent at the high end.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can click here for a list of detailed reports for active Equinor projects related to the Gudrun Field.
"The licensees will assess the well results in light of other prospectivity in the area," the offshore directorate said.
Equinor had no comment on the discoveries, though it follows a report last month from the directorate that warned production from existing fields is expected to decline by 2025 due largely to maturation.
"Based on current knowledge, production from operating fields is expected to drop by more than half during the period through and including 2033," the report read.
Norway is a main oil and gas supplier to the European economy, replacing Russia as the top gas exporter after sanctions imposed in response to the war in Ukraine diminished Moscow's market share in the bloc.
Equinor added in a late August report that it aimed to keep its own domestic production at about 1.2 million barrels of oil equivalent per day (Boe/d) through 2035.
The company reported average production at 2.05 million Boe/d during the second quarter, a 2.7% increase over the same period last year. The company said that its gas performance was particularly strong, with high production from the Troll and Oseberg fields supporting a 13% year-over-year increase.
More oil also is expected, now that a floating production, storage and offloading (FPSO) is parked over the Johan Castberg Field in the Barents Sea, where the government expects most of Norway's remaining reserves are located.
Subscribers can click here for a list of detailed reports for active Equinor projects in the Johan Castberg Field.
Production is expected to average 220,000 barrels per day (BBL/d) of oil at its peak. Operations should begin later this year.
"When the field comes on stream, a new province will be opened for oil recovery in the Barents Sea," said Grete Birgitte Haaland, a senior vice president for regional operations for Equinor. "This provides new opportunities for the exploration for and development of new discoveries in the area."
Norway is unique in that it's a major oil and gas producer that powers its own economy largely through renewable energy. Even upstream operations are becoming cleaner, as developers turn to electricity to power offshore installations, rather than diesel.
Across the North Sea, meanwhile, Offshore Energies U.K. (OEUK), which represents upstream business interests, said the industry is ahead of the curve in terms of decarbonization. OEUK data show emissions were cut considerably through adjustments in the power systems used during extraction and new systems to capture the gas that's often associated with oil production.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
The Norwegian Offshore Directorate, a national energy regulator, confirmed Tuesday that Equinor discovered oil and gas at two wildcat wells in the Gudrun Field in the North Sea. A wildcat well is one drilled in an area not previously known to yield hydrocarbons.
Drilling with the Deepsea Stavanger, the regulator put the size of the discoveries at a combined 88 million cubic feet of oil equivalent at the high end.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can click here for a list of detailed reports for active Equinor projects related to the Gudrun Field.
"The licensees will assess the well results in light of other prospectivity in the area," the offshore directorate said.
Equinor had no comment on the discoveries, though it follows a report last month from the directorate that warned production from existing fields is expected to decline by 2025 due largely to maturation.
"Based on current knowledge, production from operating fields is expected to drop by more than half during the period through and including 2033," the report read.
Norway is a main oil and gas supplier to the European economy, replacing Russia as the top gas exporter after sanctions imposed in response to the war in Ukraine diminished Moscow's market share in the bloc.
Equinor added in a late August report that it aimed to keep its own domestic production at about 1.2 million barrels of oil equivalent per day (Boe/d) through 2035.
The company reported average production at 2.05 million Boe/d during the second quarter, a 2.7% increase over the same period last year. The company said that its gas performance was particularly strong, with high production from the Troll and Oseberg fields supporting a 13% year-over-year increase.
More oil also is expected, now that a floating production, storage and offloading (FPSO) is parked over the Johan Castberg Field in the Barents Sea, where the government expects most of Norway's remaining reserves are located.
Subscribers can click here for a list of detailed reports for active Equinor projects in the Johan Castberg Field.
Production is expected to average 220,000 barrels per day (BBL/d) of oil at its peak. Operations should begin later this year.
"When the field comes on stream, a new province will be opened for oil recovery in the Barents Sea," said Grete Birgitte Haaland, a senior vice president for regional operations for Equinor. "This provides new opportunities for the exploration for and development of new discoveries in the area."
Norway is unique in that it's a major oil and gas producer that powers its own economy largely through renewable energy. Even upstream operations are becoming cleaner, as developers turn to electricity to power offshore installations, rather than diesel.
Across the North Sea, meanwhile, Offshore Energies U.K. (OEUK), which represents upstream business interests, said the industry is ahead of the curve in terms of decarbonization. OEUK data show emissions were cut considerably through adjustments in the power systems used during extraction and new systems to capture the gas that's often associated with oil production.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
