Equinor And Partners Seek Approval For $2.2 Billion North Sea Project

Equinor ASA EQNR, along with partners Var Energi ASA VARRY and INPEX Idemitsu Norge AS IPXHY, has submitted the Plan for Development and Operation (PDO) for the Fram Sør project in the North Sea.

Production is expected by the end of 2029. The project involves a 21 billion Norwegian krone ($2.2 billion) subsea development.

Fram Sør will extract 116 million barrels of oil equivalent (mmboe) in recoverable reserves, predominantly oil. It is expected to contribute around 20,000 barrels of oil equivalent per day (kboepd) to Vår Energi’s production.

Also Read: Equinor Taps Baker Hughes For Multi-Year Plug And Abandonment Deal In North Sea

Oil and gas will be exported via the Troll C platform, which utilizes existing infrastructure for cost efficiency. The project consolidates several discoveries, including the Echino South and Blasto fields.

Vår Energi also plans follow-up exploration at Mulder and Rhombi, with potential unrisked resources exceeding 200 mmboe gross. The Fram Sør project is crucial to Vår Energi’s goal of achieving 350,000-400,000 kboepd by 2030.

The PDO has been submitted for approval to Norway’s Minister of Energy, Terje Aasland.

Price Action: EQNR shares are trading higher by 0.72% to $25.28 premarket at last check Thursday.

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