This is the 1st exploration well in production license 939.
The well was drilled about 23 km east of the Kristin field in the Norwegian Sea.
The samples indicate a light oil, whose recoverable resources - according to the estimates released by the Norwegian Petroleum Directorate – are between 19 to 63 million barrels.
Kristin Westvik, Equinor´s area director for Exploration & Production North, said:
- Our ambition is to transform the shelf from an oil & gas province to a broad energy province that will ensure value creation from the shelf in the decades to come
- Future value creation will largely come from increased recovery from existing fields and connection of new discoveries close to existing infrastructure
- Such near-field discoveries are profitable, robust against fluctuations in oil / gas prices, they have a short payback period and low emissions
- The Egyptian Vulture reservoir will be a valuable addition to our production portfolio on the Norwegian Continental Shelf
- Natural gas remains at the core of PGNiG's business strategy, however crude oil production allows us to diversify and optimise our operations in this region
The exploration well reached a depth of 3883 m below sea level.
Water depth at the site is 301 m.
PGNiG Upstream Norwayholds a 30% interest in the PL939.
The licence operator is Equinor Energy (55%) and the remaining 15% is held by Longboat Energy.