Norway’s Equinor and partners will invest around $760 million to develop two discoveries near the gas and condensate Kristin field in the Norwegian Sea, the company announced on Wednesday.
The Kristin South area is expected to generate substantial value.
The Lavrans and Kristin Q discoveries will be operated by the Kristin organization located at Stjordal in Mid-Norway.
Production from the first three wells, two at Lavrans and one at Kristin Q, is scheduled to start in 2024.
Production start for the two last wells at Lavrans is scheduled for 2025.
Equinor operates the Kristin field and has a 55.3% stake, while Petoro has 19.6%, Eni’s Norwegian subsidiary Vaar Energi holds 19.1% and French TotalEnergies 6%.
'We exploit the resources and the existing infrastructure in a favourable way, while contributing to further development of the Norwegian Sea,' said Equinor’s Executive Vice President for Projects, Drilling and Procurement, Arne Sigve Nylund.
By Murat Temizer