Norway energy companies plan $1.7 billion oil, gas developments

Norway energy companies plan $1.7 billion oil, gas developments

Equinor and Aker BP set out plans to develop four oil and gas discoveries with a total price tag of 14.5 billion Norwegian crowns ($1.69 billion) as part of Norway's efforts to maximise output from its existing fields. The Nordic nation, which began to extract oil and gas 50 years ago, believes it has still only pumped about half of its available resources and hopes near-field developments will help secure output for years to come. In one such development, Equinor, Petoro, Eni and TotalEnergies will invest 6.5 billion crowns in two oil and gas discoveries near the Kristin gas and condensate field in the Norwegian Sea, the companies said. The plan, which constitutes the first phase of the Kristin South project and aims to develop the Lavrans and Kristin Q discoveries, was submitted to the oil and energy ministry for approval. The overall expected production of oil and gas from the two developments was estimated at 58.2 million barrels of oil equivalent over the field's lifetime. "The decision to develop the Kristin South area will generate substantial value for society and the owners," said Arne Sigve Nylund, Equinor's head of projects, drilling and procurement. Production from the first three wells,