Equinor Hits Oil in NCS, Projects Double Reserves at Norne

Equinor ASA EQNR along with partners Eni SpA E and Petoro has hit oil in the appraisal well on the Cape Vulture discovery in the Norwegian Sea.

Located 7 kilometers northwest of the production vessel on the Norne field, the Cape Vulture Appraisal well was drilled by the Songa Encourage rig. The well establishes 50-70 million recoverable barrels of oil that is more than double the remaining oil reserves at the Norne field.

In December 2016, the exploration drilling in the Cape Vulture well (6608/10-17S), including side-tracks (6608/10-18, 6608/10-18B and 6608/10-18C), were initiated . The wells were drilled in production license 128 as license 128D was awarded in the APA (award in predefined areas) round in 2015.

Norne field, originally planned to be shut in 2014, had productive life extended to 2036. This is expected to generate considerable spin-offs and enhance production. Further, field development is likely to result in an upside potential for additional recoverable reserves from Cape Vulture.

The appraisal, which is projected to be complete, has led to the discovery of a new play on the Nordland Ridge in the Norwegian Sea. This indicates Equinors strategy to adapt new methods as well as try innovative and unproven ideas to unlock the remaining commercial resources on the Norwegian continental shelf (NCS) and secure activity for a longer period.

The partners in the Norne license will eventually make a development decision related to the discovery. This emphasizes that substant....

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