The investment in the project is close to $384 million.
Geir Tungesvik, Equinor’s senior VP for project development, said:
- The Askeladd Vest development is a profitable development and will provide 134 million barrels of oil equivalent
Plans call for the production to start in the 1st half of 2024.
Without surface installations, the Snøhvit project involves bringing natural gas to land for liquefaction and export from the 1st plant of its kind in Europe and the world’s northernmost LNG facility.
Kristin Westvik, Equinor’s senior VP for operations north, said:
- By increasing the resource base for Hammerfest LNG, Askeladd Vest will be an important contribution in supporting our ambition of long-term presence in the north
- This will allow us to further strengthen the ripple effects of our activities in this part of the country, which is important to Equinor and its partners in the time ahead
Equinor emphasised that a substantial part of the Askeladd Vest project activities will be carried out in Norway.
Askeladd Vest licence partners are:
- Equinor 36.79% (operator)
- Petoro 30%
- Total E&P Norge 18.40%
- Neptune Energy Norge 12%
- Wintershall Dea Norge 2.81%