Equinor Makes Oil and Gas Discovery in North Sea

Dow Jones12-17

By Dominic Chopping

Equinor made a new oil and gas discovery in the North Sea, with recoverable resources estimated at between 2 million and 13 million barrels of oil equivalent.

The Norwegian energy major said the discovery will probably not be commercial for development in isolation, but it is the second recent discovery in the area and the company plans to further explore the area.

"If more discoveries are made, it may be relevant to combine these to ensure good resource utilization and the best possible economy," said Geir Sortveit, Equinor's senior vice president for exploration and production west on the Norwegian continental shelf.

The discovery was made 17 kilometers west of the Troll field in the North Sea and has been given the preliminary name Ringand.

Equinor holds a 60% interest in the production license where the discovery has been made, with DNO holding 20% and Norwegian state-owned oil-and-gas firm Petoro 20%.

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

(END) Dow Jones Newswires

December 17, 2024 03:04 ET (08:04 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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