The agreement encompasses well-testing operations for Equinor across the Barents, Norwegian, and North Sea regions.

The drilling activities are scheduled to utilize the Deepsea Stavanger rig, a sixth-generation semi-submersible drilling rig built in 2010 with an enhanced GVA 7500 design.

The gas will be exported to the European market, contributing to the Gina Krog field's extended lifetime and increased profitability.

The 20% share is expected to fetch $1.5 billion.

While the discovery is relatively modest, Equinor has affirmed that gas production can commence as early as 2023.

The primary aim of the drilling was to establish the existence of petroleum in Triassic reservoir rocks, specifically the Red Layer, and to assess various aspects including cap rock, reservoir quality, and fluid properties.

The contract encompasses various critical components such as the installation of structures, flexibles, umbilical, seabed rectification, tie-ins, and commissioning.

The Svalin field, situated in the central part of the North Sea about six kilometers southwest of the Grane field in a water depth of 120 meters, has been in production since 2014.

BASF, in its pursuit of exiting its energy business Wintershall Dea, has drawn interest from companies such as TotalEnergies and Equinor for the oil and gas unit, according to a report in the German newspaper Handelsblatt.

The scope of work includes plugging, drilling, and completion of well 15/8-G-1 AH.