Zinger Key Points
- Equinor discovered oil and gas reserves near the Troll field in the North Sea, estimated at 2–12 million barrels.
- The small Ringand find may not be viable alone but could combine with future discoveries to utilize existing infrastructure.
Equinor ASA EQNR shares are trading higher today. The company discovered a new oil field 17 kilometers west of the Troll field in the North Sea, with estimated reserves ranging between 2 and 12 million barrels of oil equivalent. The Ringand discovery contains both oil and gas.
With an estimated volume of 0.3 to 2 million Sm3, it marks the second recent discovery in the area. However, the discovery is unlikely to be commercially viable for development on its own.
Geir Sørtveit, Equinor’s senior vice president for Exploration & Production West on the Norwegian continental shelf, said, “It’s a small discovery, but in an interesting area that we plan to further explore with much existing infrastructure. If more discoveries are made, it may be relevant to combine these to ensure good resource utilisation and the best possible economy.”
Last week, Equinor and partners reached financial close and made a Final Investment Decision to proceed with the U.K.’s first carbon capture and storage projects.
Investors can gain exposure to the stock via Keating Active ETF KEAT.
Price Action: EQNR shares are up 1.27% at $22.63 at the last check Tuesday.
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