Equinor ASA and Kuwait Foreign Petroleum Exploration Co. plan to develop a new natural gas field in the North Sea and extend the life of the Gina Krog field, with an eye to maintaining Norway’s position as Europe’s biggest supplier of the commodity.
Equinor and Kufpec aim to start producing from the Eirin natural gas field from the second half of 2025, unlocking an estimated 27.6 million barrels of oil equivalent in recoverable reserves, Norway’s Petroleum and Energy Ministry said in a statement on Friday. The project is estimated to cost about 4 billion kroner ($370 million).
The development plan follows a rush of applications at the end of 2022 that benefited from a pandemic-era tax package to help avoid a slowdown in Norway’s most important industry. The new Eirin field, which will be connected to the Gina Krog platform, is another example of oil companies in Norway focusing on assets close to existing infrastructure.
The Gina Krog platform has extra capacity starting in 2025, with natural gas to be sent from there onto Sleipner A for additional processing, the ministry said.
Equinor controls 78.2% of the project, with Kuwait’s Foreign Petroleum Exploration Co. holding the remaining 21.8%.
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