Core Insights - Equinor and its partners have made a significant oil and gas discovery in the Granat prospect near the Gullfaks field in Norway's North Sea, with preliminary estimates of 1.3 to 3.8 million barrels of oil equivalent [1] - The discovery will be evaluated for potential integration with existing infrastructure in the Gullfaks area, aligning with Equinor's strategy of infrastructure-led exploration to enhance supply at lower costs [2] - Equinor plans to drill 20 to 30 exploration wells annually, focusing 80% of its efforts near existing infrastructure while exploring new concepts in the remaining 20% [3] Industry Context - The Norwegian Offshore Directorate emphasizes the need for new discoveries and investments in oil and gas projects to counteract the expected production decline from the late 2020s [5] - Equinor's senior vice president highlights the importance of integrating new discoveries into existing infrastructure as a key task for future operations [4]

Core Viewpoint - Equinor has made a significant oil and gas discovery in the Granat prospect located in the North Sea, approximately 190 kilometers northwest of Bergen, Norway [1][2]. Group 1: Discovery Details - Preliminary estimates suggest the discovery contains between 0.2 million and 0.6 million standard cubic meters of recoverable oil equivalent, translating to approximately 1.3 to 3.8 million barrels of oil equivalent [2]. - Equinor is the operator of the Granat prospect, holding a 51% stake, while Petoro, a state-owned company, owns 30%, and OMV Norge holds the remaining 19% [2]. Group 2: Future Plans - The licensees are considering connecting the new discovery to existing infrastructure in the nearby Gullfaks area, which could enhance the economic viability of the find [3].

Core Viewpoint - ConocoPhillips and its partners are set to invest approximately $2.11 billion to restart production in the Greater Ekofisk area by the end of 2028, focusing on extracting hydrocarbons from previously shut fields [1] Investment Details - The investment will target three fields: Albuskjell, Vest Ekofisk, and Tommeliten Gamma, which were shut down in 2019 [1] - The project, named Previously Produced Fields (PPF), aims to recover an estimated 90 million to 120 million barrels of oil equivalent in natural gas and condensate from these fields [1] Stakeholder Information - ConocoPhillips holds a 35.1% stake in both Albuskjell and Vest Ekofisk, and a 28.3% stake in Tommeliten Gamma [1] - Other partners include Vaar Energi with a 52.3% stake in Albuskjell and Vest Ekofisk, Orlen Upstream with 7.6%, and state-owned Petoro with 5% [1] - In Tommeliten Gamma, Orlen holds a 62.6% stake while Vaar Energi has 9.1% [1] Production Timeline - The first gas production from the project is anticipated to commence in the final quarter of 2028 [1]

Core Viewpoint - Equinor and its partners are investing over 4 billion Norwegian Krone to develop the Isfjellet oil and gas discovery in the Barents Sea, with production expected to start in Q4 2028 [1] Group 1: Investment and Development - The Isfjellet project is a subsea development with estimated recoverable oil reserves of 46 million barrels [1] - The project benefits from its proximity to the Johan Castberg oil field, allowing for the reuse of standardized equipment and drilling designs [1] - Equinor has applied to the Norwegian Ministry of Energy for confirmation of environmental impact assessment obligations and is seeking an exemption from submitting a complete development and operation plan [1] Group 2: Production and Potential - The Johan Castberg field currently produces approximately 220,000 barrels per day, with total recoverable reserves estimated between 450 million and 650 million barrels [1] - There is additional potential of 250 million to 550 million barrels through new wells and satellite tie-backs [1]

Core Insights - Equinor ASA, in partnership with Vår Energi and Petoro, has committed approximately $395 million (NOK 4 billion) for a new subsea project linked to the Johan Castberg field, expected to yield around 46 million barrels of recoverable oil [1][9] Investment and Development - The new subsea project is set to commence production in Q4 2028, following the Johan Castberg field's production start in March 2025, which currently outputs nearly 220,000 barrels per day [2][9] - Equinor plans to leverage standardized solutions from the Johan Castberg field to expedite the development of the new subsea project, as the new reservoir shares similar properties with previously developed discoveries [3][9] Strategic Positioning - The Johan Castberg field is positioned as a future production hub in the Barents Sea, with the Isflak discovery in 2021 marking the beginning of a series of developments aimed at resource extraction in the region [4] - The development plan for the Isflak discovery includes drilling two new wells that will connect to existing subsea production facilities, enhancing the overall infrastructure within the Johan Castberg license [4] Regulatory and Environmental Considerations - Equinor has submitted an application to Norway's Ministry of Energy to confirm compliance with impact assessment obligations for the new developments and seeks an exemption from outlining a development and operation plan [5] Exploration and Future Potential - A recent discovery, Drivis Tubåen, made in 2025, enhances the potential for further development within the Johan Castberg license, with partners aiming to expedite its production [6] - The current recoverable volumes in the Johan Castberg license are estimated between 450 million and 650 million barrels, with significant upside potential of an additional 250 million to 550 million barrels from new finds in the region [7] Ownership Structure - Equinor operates the Johan Castberg field with a 46.3% interest, while Vår Energi holds 30% and Petoro has 23.7% [8]

Vår Energi ASA (OSE: VAR) has acquired TotalEnergies’ ownership stake in the Ekofisk PPF (“Previously Produced Fields”) project, lifting its interest from 12.4% to 52.3% in licence PL018F on the Norwegian Continental Shelf. The Ekofisk PPF redevelopment aims to extend the life of the Greater Ekofisk Area through four new subsea templates and 11 production wells tied back to the Ekofisk Field Center. By deploying advanced horizontal well and completion technology, the project is expected to unlock signific ...

Core Insights - Equinor has received approval from the Norwegian Ocean Industry Authority to proceed with the Verdande development at the Norne field in the Norwegian Sea [1][2] - The Verdande project is expected to start production in the fourth quarter of 2025, with an initial investment of approximately NOK 5 billion (around $448 million) [3][4] Project Details - The Verdande development integrates the Cape Vulture and Alve North-East discoveries, located about 300 kilometers southwest of Bodø [4][5] - The recoverable resources for the project are estimated at 36 million barrels of oil equivalent, with a low CO₂ intensity of 1.6 kg per barrel of oil equivalent [5] Strategic Importance - The development is part of Equinor's strategy to extend the life of the Norne FPSO and enhance Norway's offshore production capabilities [6] - Equinor operates Verdande with a 59.3% stake, alongside partners Petoro (22.4%), Vår Energi (10.5%), Aker BP (7%), and PGNiG Upstream Norway (0.8%) [5][6]

Core Insights - Equinor ASA has secured drilling permits for two wildcat wells in the North Sea, indicating a strategic move to explore new hydrocarbon resources [1][9] - The company operates production licenses PL 057 and PL 554, holding 31% and 40% working interests respectively, showcasing its significant role in these projects [2][3][9] Drilling Operations - The drilling for wellbore 34/4-19 S will be conducted using the Deepsea Atlantic semi-submersible rig, with Equinor as the operator and a 31% working interest in PL 057 [2][9] - For the exploratory well 34/6-9 S, operations will utilize the COSLInnovator semi-submersible rig, with Equinor holding a 40% working interest in PL 554 [3][9] Rig Details - The Deepsea Atlantic is a sixth-generation semi-submersible rig capable of deepwater operations, accommodating nearly 120 personnel and reaching a maximum drilling depth of 10,670 meters [4] - The COSLInnovator rig is designed for harsh environmental conditions, suitable for operations in the North Sea and Norwegian Sea, with a water depth operational capacity of 750 meters [4]

Core Insights - Norwegian energy company Equinor has obtained two permits from the Norwegian Offshore Directorate to drill wildcat wells in the North Sea, specifically wellbore 34/4-19 S and wellbore 34/6-9 S, with planned spud dates in September 2025 and October 2025 respectively [1][3] Group 1: Drilling Permits and Licenses - The permits cover wellbore 34/4-19 S in production licence 057, which was awarded in 1979, and wellbore 34/6-9 S in production licence 554, awarded in 2010 [1][3] - Equinor operates production licence 057 with a 31% stake, while other partners include Petoro (30%), Harbour Energy Norge (24.5%), INPEX Idemitsu Norge (9.6%), and Vår Energi (4.9%) [2][3] - For production licence 554, Equinor holds a 40% interest, with Aker BP and Vår Energi each holding a 30% interest [3] Group 2: Drilling Equipment and Contracts - The 34/4-19 S well will be drilled using Odfjell Drilling's Deepsea Atlantic rig, a sixth-generation semi-submersible rig capable of operating in water depths up to 3,000 meters [2] - The Deepsea Atlantic rig is contracted to Equinor until Q2 2027, with options to extend the contract until 2030 [3] - The 34/6-9 S well will be drilled using the COSL Innovator rig, which can operate in water depths up to 750 meters, and is contracted for two years starting in Q2 2025, with options to extend until the second half of 2030 [4] Group 3: Recent Discoveries - Last month, Equinor and its partners announced an oil and gas discovery in the Fram area of the North Sea [4]

Core Insights - Equinor ASA has achieved peak output capacity of 220,000 barrels of oil per day at the Johan Castberg field, just three months after production commenced, leading to a 150% increase in total oil and gas delivery from the Barents Sea [1][8] - The Barents Sea is becoming crucial for Norway's energy security and exports, with shipments valued at approximately 500 million Norwegian kroner occurring every three to four days from the Johan Castberg field [2][8] - The Johan Castberg field consolidates three oil discoveries and is expected to enhance Norway's offshore oil production with an estimated production life of nearly 30 years [3] Expansion Plans and Resource Upside - Equinor holds a 46.3% interest in the Johan Castberg field, with partners Vår Energi and Petoro holding 30% and 23.7% respectively; 17 out of 30 wells have been completed, with production meeting expectations [4] - The initial estimated recoverable volumes were between 450-650 million barrels, but Equinor plans to increase reserves by an additional 250-550 million barrels through further development [4][5] - To achieve these goals, Equinor intends to extend its drilling program by adding six more wells, which will help sustain peak production levels for a longer duration [5] Future Developments - The Isflak project, a fast-paced field development plan, is expected to reach a final investment decision by the end of 2025 and commence operations as early as 2028 [6][5] - Equinor plans to drill one or two exploration wells near the Johan Castberg field annually to further exploit its potential [6] Infrastructure - The FPSO Johan Castberg has a storage capacity of 1.1 million barrels of oil and began production on March 31, 2025; nearly all oil production from the Norwegian Continental Shelf is exported to Europe [7]