Equinor (EQNR) Makes Oil Discovery at Svalin Field, North Sea

Core Insights - Equinor ASA has announced a new oil discovery in the North Sea, utilizing the Deepsea Aberdeen rig operated by Odfjell Drilling [1] Discovery Details - The discovery was made at well 25/11-H-1 H in the Svalin field, with preliminary estimates of recoverable oil equivalent ranging from 0 to 0.1 million standard cubic meters, or up to 0.6 million barrels [2] - The well contains oil in thin sandstone layers less than 3 meters thick, with high reservoir quality in the Balder Formation [2] Partnership and License Information - Equinor operates the license for this well with a 57% stake, while Petoro holds 30% and Var Energi has 13% [3] - The production license 169 was awarded on March 1, 1991, and is valid until March 1, 2030 [3] - The Svalin field is located six kilometers southwest of the Grane field at a water depth of 120 meters [3] Historical Context and Future Plans - The Svalin field was initially discovered in 1992, with development plans approved in 2012, and production began in 2014 [4] Strategic Implications - Equinor's executive vice president for Exploration and Production Norway emphasized the company's commitment to development and value creation on the Norwegian Continental Shelf [6] - A recent asset swap agreement with Petoro aims to optimize Equinor's portfolio and enhance operational efficiency [6] Conclusion - This discovery highlights Equinor's efforts to exploit mature fields and improve recovery techniques, supported by strategic partnerships and investments in advanced drilling technologies [7]