The agreement encompasses well-testing operations for Equinor across the Barents, Norwegian, and North Sea regions.
The gas will be exported to the European market, contributing to the Gina Krog field's extended lifetime and increased profitability.
Anticipated recoverable reserves within the KEG Plan for Development and Operation (PDO) are estimated to reach approximately 40 million barrels of oil equivalents (mmboe).
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 estimated project cost stands at $1.37 billion (EUR 1.3 billion), with construction scheduled to commence in Rotterdam by 2024.
The field has surpassed expectations with a higher initial production rate than previously anticipated, showcasing its potential as a pivotal contributor to the energy landscape.
The primary objective of the seismic campaign was to establish a high-resolution imaging of the CO2 storage complex, thus laying the foundation for effective monitoring of storage integrity.
The contract encompasses various critical components such as the installation of structures, flexibles, umbilical, seabed rectification, tie-ins, and commissioning.
While authorities suspect "mechanical force" as the cause, the presence of seismic signals resembling an explosion has triggered further investigations.
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.
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