Equinor Invests $1.1 Billion to Boost Gas Production From North Sea Field
November 26 2021 - 7:24AM
Dow Jones News
By Dominic Chopping
Equinor ASA said Friday that with its partners, it is investing
10 billion Norwegian kroner ($1.1 billion) to further develop the
Oseberg field in the North Sea from being primarily an oil field to
becoming a gas producer.
An amended plan for development and operation has been submitted
to the minister of petroleum and energy that will see the partners
reduce carbon-dioxide emissions from the Oseberg Field Centre and
the Oseberg South platform while increasing Oseberg gas production,
it said.
"This investment decision allows us to increase production of
Oseberg gas considerably in the future, while reducing CO2
emissions by an estimated 320,000 [metric] ton per year," said Geir
Tungesvik, Equinor's senior vice president for project
development.
Oil production at the field is in the tail phase, but 60% of the
gas resources are still in the ground and Equinor expects Oseberg
to produce more than 100 billion standard cubic meters of gas
toward 2040.
Equinor has a 49.3% stake in the field as operator, Petoro AS
has a 33.6% stake, TotalEnergies EP Norge AS 14.7% and
ConocoPhillips Skandinavia AS has 2.4%.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
November 26, 2021 07:09 ET (12:09 GMT)
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