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May 20, 2021

Equinor selects development concept for stranded Norwegian assets

Equinor-led group of four oil companies has selected development concept for developing the six discoveries offshore Norway.

By Archana Rani

Norway’s Equinor and its partners have finalised a concept for developing six discoveries in the Norwegian Sea.

The six discoveries and additional three prospects will be developed in a joint unitisation project on Haltenbanken.

Under the plan, the six discoveries and the three new prospects will be tied back to the Asgard B platform under the Haltenbanken East project.

To achieve this integration, the consortium will use existing facilities and infrastructure.

Equinor serves as operator of the Haltenbanken East development with a 57.7% stake while other licence partners include Spirit Energy (11.8%), Vår Energi (24.6%) and Petoro (5.9%).

According to the firm, the six discoveries and three prospects have a combined volume of 100 million barrels of oil equivalent (MMboe), which is mostly gas.

Spirit Energy asset manager Gunn Gadeholt said: “These discoveries were basically considered stranded assets – it would not have been economically viable to develop any of them on their own.

“The unitisation approach will unlock the potential and deliver value both in the development- and production phases of the project. It’s a smart solution that we and our partners can be proud of.”

The project is planned to be developed in two phases, with the first phase involving the drilling of six wells to five of the discoveries.

Under the second phase, the partners will drill the last discovery and three prospects as side-tracks from existing wells.

Gadeholt added: “Haltenbanken East delivers robust economics and is a good strategic fit for Spirit Energy. The objective of the next project phase is to mature the project towards a final investment decision (DG3) in the first half of 2022.”

The partners plan to submit the plan for development and operations (PDO) to the Norwegian authorities in the second half of 2022.

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