BAKU, Azerbaijan, January 14. Equinor has been awarded 27 new exploration licenses in the North Sea, Norwegian Sea, and Barents Sea, Trend reports.
According to the producer, it will operate seven of these licenses and hold stakes in 20 others.
Jez Averty, Equinor's senior vice president for subsurface on the Norwegian continental shelf (NCS), emphasized the importance of continued exploration to ensure European energy security. "There are still substantial resources on the NCS, and together with our partners, we need to explore further to maintain our position as a reliable supplier of oil and gas," he said. He also highlighted the critical role of annual license awards in maintaining high export levels, with Equinor targeting around 250 exploration wells by 2035.
Equinor operates a large network of offshore platforms, with 35 in total, enabling quick and cost-efficient development of discoveries near existing infrastructure. These projects are not only faster to develop but also result in lower greenhouse gas emissions.
"We have a significant portfolio of smaller discoveries near existing infrastructure. Working with the supplier industry, we aim to accelerate these developments and reduce costs," Averty explained. He cited the Eirin discovery, which will be tied back to the Gina Krog platform, as an example. The development was approved in January 2024 and is expected to begin production by late 2025. Since Gina Krog is electrified, the gas from Eirin will have minimal emissions, while also extending the platform's lifetime by seven years.
Equinor remains committed to low-emission solutions for new developments and continues to explore fresh areas for potential large-scale discoveries. "While most of our exploration wells are near existing infrastructure, we will continue exploring new ideas and concepts to secure future energy supply," Averty concluded.