Equinor Invests $1.1 Billion to Boost Gas Production From North Sea Field

By Dominic Chopping

Equinor ASA said Friday that with its partners, it is investing 10 billion Norwegian kroner ($1.1 billion) to further develop the Oseberg field in the North Sea from being primarily an oil field to becoming a gas producer.

An amended plan for development and operation has been submitted to the minister of petroleum and energy that will see the partners reduce carbon-dioxide emissions from the Oseberg Field Centre and the Oseberg South platform while increasing Oseberg gas production, it said.

"This investment decision allows us to increase production of Oseberg gas considerably in the future, while reducing CO2 emissions by an estimated 320,000 [metric] ton per year," said Geir Tungesvik, Equinor's senior vice president for project development.

Oil production at the field is in the tail phase, but 60% of the gas resources are still in the ground and Equinor expects Oseberg to produce more than 100 billion standard cubic meters of gas toward 2040.

Equinor has a 49.3% stake in the field as operator, Petoro AS has a 33.6% stake, TotalEnergies EP Norge AS 14.7% and ConocoPhillips Skandinavia AS has 2.4%.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

November 26, 2021 07:09 ET (12:09 GMT)

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