Finance

Equinor in search of new oil and gas fields

 

After discovering Johan Sverdrup field, the largest discovery of the North Sea in more than 30 years, Equinor is now planning to drill almost 3000 exploration or development wells off the coast of Norway in hope to find new oil and gas fields.  The company said that it is planning to drill between 20 and 30 development wells on the Norwegian Continental Shelf in a year.

Active exploration on the NCS is vital to succeed in renewing the shelf,” Tim Dodson, executive vice president for Exploration, said.

On the second day of ONS 2018 in Stavanger, on Tuesday, Arne Sigve Nylund, Executive Vice President for Development and Production Norway, said that the company “needs to start now”.

We are making two important moves: We have developed a strategy for more gas exploration. We see it as necessary to regularly test a few of what we call ‘game changing wells’ in order to explore the NCS to its full potential.

The company confirmed that it will start-up the development process of Johan Sverdrup Field from next year onwards. Equinor is also making an effort to reduce the greenhouse gas emission by using power from shore.

They are planning to build a floating offshore wind farm to help power the Gullfaks and Snorre oilfields. According to Equinor, this will be the first time that an offshore wind farm is directly connected to the oil and gas fields.

 

Chief Executive Eldar Sætre also said in a press conference that there is no scarcity of the resources in Norwegian Continental Shelf and they need to continue their exploration work.

“Resources are there and the Norwegian continental shelf is mature. We need to continue to explore,” he said. “The psychology might be different a little bit down the road when we are really looking for new opportunities.”

The company has planned to extend the production activity keeping in mind various aspects of the NCS. It has decided to bring a significant shift in the oil and gas industry and has very well confirmed the motto by changing its name from Statoil to Equinor earlier this year.

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