EQNR Equinor ASA

By Dominic Chopping

Equinor said Friday that production has now started at the Statfjord Ost project in the North Sea.

The project is expected to see production volumes increase at the Statfjord Ost field by 26 million barrels of oil equivalent via a newly installed pipeline, five new wells, and modifications made to the nearby Statfjord C platform.

"This proves the importance of extending the life of mature fields and maximizing value creation from existing infrastructure on the Norwegian continental shelf," said Camilla Salthe, Equinor's senior vice president for field life extension.

"The project contributes to extending the life of Statfjord C to 2040. The profitability is high, and the value of increased production equals around 20 billion Norwegian kroner ($1.87 billion) at the current oil price."

The project is expected to deliver within estimated cost, despite the inflation and weakened Norwegian krone and the production start is six months ahead of schedule, it added.

Licence partners in Statfjord Ost include Equinor, Petoro, Var Energi, Okea, Inpex Idemitsu and Wintershall Dea.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

August 25, 2023 03:23 ET (07:23 GMT)

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