Equinor to Invest $396.1 Million in Norwegian Oil Field With Partners Var Energi, Petoro

MT Newswires Live12-11

Equinor (EQNR), along with partners Var Energi and Petoro, unveiled on Thursday plans to invest over 4 billion Norwegian kroners ($396.1 million) on the Isflak oil discovery made in the Barents Sea.

Recoverable oil in the new subsea development is estimated at 46 million barrels, and a kick-off is planned as early as Q4 2028, the companies said. The field, put on stream in March, is now producing 220,000 barrels per day.

Isflak is tied to the Johan Castberg hub, located off the northern coast of Norway. The investment will likely extend plateau production from Johan Castberg, where recoverable volumes are likely to be between 450 and 650 million barrels, the company said.

"We see opportunities to add 250-550 million new recoverable barrels that can be developed and produced over Johan Castberg," Grete Birgitte Haaland, senior vice president for exploration and production in the north, said.

Under the partnership, Equinor Energy, the operator, has a 46.3% share, Var Energi owns 30%, and Petoro accounts for 23.7%.

Shares of Equinor declined 1.7% in Thursday's premarket activity.

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