Equinor in offshore find

Norway

STAVANGER, June 11, 2018 – Equinor has struck oil in the PL 167 licence in the North Sea, the Norwegian NOC announced on Friday.

Well 16/1-29 S, dubbed “Lille Prinsen,” encountered about 95 metres of hydrocarbons estimated to contain between 15 million and 35 million boe in its main target. It also made “one additional discovery with very good reservoir quality over the main discovery,” whose volume has not yet been estimated.

“This is a good discovery which we expect will be commercial,” Nicholas Ashton, the company’s senior vice president for exploration in Norway and the UK, said in a statement. “In addition, the results from the drilling indicate an upside potential in this discovery.”

Equinor operates the PL 167 licence with a 60% stake in it, together with partners Lundin (20%) and Spirit Energy (20% pending government approval of stake transfer).