Norway’s Equinor submits $374 million to develop North Sea gas discovery

Equinor has submitted a plan for the development of its Eirin gas discovery in the North Sea to Norway’s oil and energy ministry, amounting to 4 billion Norwegian crowns ($374 million). The Eirin discovery is estimated to hold approximately 27.6 million barrels of oil equivalent and will be developed through a subsea installation linked to Equinor’s Gina Krog platform.

Norway’s Minister of Petroleum and Energy, Terje Aasland, highlighted the significance of phasing in the Eirin project, emphasizing its role in extending the life of existing infrastructure and supplying more gas to Europe. This development marks the first offshore field plan submitted to Norwegian authorities this year, following a surge of new projects in the previous year.

The field is slated to commence production in 2025. Gas from the Eirin field will be exported in conjunction with gas from the Gina Krog field via the Sleipner A platform. This development will also prolong Gina Krog’s productive life from 2029 to 2036, providing critical support to the Sleipner area, according to Camilla Salthe, Equinor’s senior vice president for field life extension.

Extending the operations of the Gina Krog platform opens up the possibility for Equinor and its partners to tie back additional smaller discoveries in the region. Equinor holds a 78.2% stake and operates the field, while Kuwait Foreign Petroleum Exploration Company (Kufpec) possesses a 21.8% stake. Notably, Kuwait’s overseas oil and gas division initiated a sale process for its Norwegian assets earlier in the year, as reported by Reuters in May.

Elevate your business with QU4TRO PRO!

Gain access to comprehensive analysis, in-depth reports and market trends.

Interested in learning more?

Sign up for Top Insights Today

Top Insights Today delivers the latest insights straight to your inbox.

You will get daily industry insights on

Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

China drafts law to boost private sector confidence amid regulatory uncertainty

China has initiated the drafting of a law aimed at fostering the growth of the private sector economy, signaling its latest effort to bolster confidence within the nation. The law will address the fundamental concerns of private enterprises, such as safeguarding their property rights, ensuring the interests…

China’s Tsingshan to invest $233 million for Chile lithium iron phosphate production

China’s Tsingshan Holding Group, a major player in the nickel and stainless steel industry, is set to invest a significant $233.2 million in establishing a plant in Chile focused on producing lithium iron phosphate (LFP), a critical component used in batteries for electric vehicles (EVs)…

Japan’s Subaru Eyes Indiana as the location of U.S. EV plant

Subaru is considering Indiana as the location for establishing an EV production facility in the US. The Japanese automaker is targeting significant growth in its EV sales by 2028, with the ultimate goal of reaching an annual sales target of 600,000.

Stay informed

error: Content is protected !!