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November 23, 2021updated 27 Apr 2022 11:50am

Gullfaks Conventional Oil Field, Norway

By Carmen

Gullfaks is a producing conventional oil field located in shallow water in Norway and is operated by Equinor Energy. The field is located in block 34/10P (PL 050) and 34/10P (PL 050 B), with water depth of 751 feet.

An expansion project is associated with the Gullfaks, namely Gullfak IOR Phase 2. This project is currently in the approval stage.

Field participation details

The field is owned by OMV, Petoro and Equinor.


Production from Gullfaks

The Gullfaks conventional oil field recovered 98.38% of its total recoverable reserves, with peak production in 1994. The peak production was approximately 529.43 thousand bpd of crude oil and condensate, 195 Mmcfd of natural gas and 7.72 thousand bpd of natural gas liquids. Based on economic assumptions, production will continue until the field reaches its economic limit in 2026. The field currently accounts for approximately 1% of the country’s daily output.


Remaining recoverable reserves

The field is expected to recover 41.69 Mmboe, comprised of 41.69 Mmbbl of crude oil & condensate. Gullfaks conventional oil field reserves accounts 0.01% of total remaining reserves of producing conventional oil fields globally.


Contractors involved in the Gullfaks conventional oil field

Some of the key contractors involved in the Gullfaks project as follows.

Other Contractors: John Wood Group and Nordic Unmanned

About Equinor Energy

Equinor Energy AS (Equinor Energy) is a wholly-owned subsidiary of Equinor ASA. The company provides oil and gas exploration and production services. It extracts, refines, and transports natural gas, crude oil, and wind power for manufacturing of synthetic fabrics, plastics, asphalt, cosmetics, and medicines. Equinor Energy is headquartered in Stavanger, Norway.

Methodology

Information on the field is sourced from GlobalData’s fields database that provides detailed information on all producing, announced and planned oil and gas fields globally. Not all companies mentioned in the article may be currently existing due to their merger or acquisition or business closure.

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