Oil & Gas

The Norwegian Maritime Directorate has reported a significant discovery of oil and gas in the northern North Sea, made by Equinor while drilling two development wells using the Deepsea Atlantic rig. This find, located within exploration license 827SP, is estimated to contain around 56 million barrels of oil, although the current market conditions classify it as "unprofitable." This marks Equinor's second discovery in just a week, following a previous announcement of 16 million barrels of oil equivalent found on September 17, 2024.

The Deepsea Atlantic rig, noted for its capability to operate in extreme conditions at depths of up to 3,000 meters, was used to drill the initial exploration well known as 35/10-13S. Equinor, which holds a 51% stake in the exploration license, partnered with Norwegian company DNO, which holds the remaining 49%. Preliminary estimates from the wells suggest recoverable resources ranging from 100,000 to 500,000 cubic meters of oil equivalent, translating to approximately 629,000 to 3.14 million barrels.

The drilling campaign focused on confirming the presence of oil in the Eocenean reservoir rocks of the Balder Formation, and also aimed to evaluate the potential of the Hordaland Group. The results included the discovery of a one-meter-thick gas column with good reservoir quality and a water-gas contact depth identified between 1,709 and 1,714 meters. A second well was drilled, revealing a six-meter-thick gas column in sandstone layers of medium to good quality, although this formation was not fully tested.

DNO and Equinor are exploring options to connect the Heisenberg discovery to existing infrastructure in the area, potentially aligning this development with other recent discoveries near the Troll and Gjøa fields. The ongoing exploration in the North Sea continues to highlight the region's significant oil and gas resources, despite some challenges in profitability due to fluctuating market prices.