Oil & Gas

Equinor has made a significant oil and gas discovery near the Troll field in the North Sea, marking a notable find just 10 miles (17 kilometers) west of the giant field. The discovery, provisionally named Ringand, is estimated to hold between 2 and 12 million barrels of oil equivalent. Equinor plans to continue exploring the area for further resources, leveraging the proximity to existing infrastructure to enhance the economic potential of future finds.

Geir Sørtveit, Equinor’s senior vice president for Exploration & Production West on the Norwegian Continental Shelf (NCS), noted that while the discovery is relatively small, it is located in an area with significant existing infrastructure, making it an attractive target for further exploration. Sørtveit suggested that if more discoveries are made in the region, combining these resources could lead to better resource utilization and enhanced economic returns.

Discoveries near existing infrastructure are particularly important for maintaining oil and gas output in Norway, which is the largest hydrocarbon producer in Western Europe. The Norwegian offshore energy authorities, along with the government, have been encouraging the industry to explore frontier regions, such as the Barents Sea, where a large portion of the country’s undiscovered resources are believed to be located.

Equinor’s focus on exploration continues, with the start-up of the Johan Castberg field in the Barents Sea, which has been delayed to early 2025 due to adverse weather conditions. This field is expected to produce 220,000 barrels per day at its peak and will operate for 30 years. As Norway's oil production is expected to rise by 5.2% next year, new discoveries and continued exploration are essential to counteract the projected decline in production during the 2030s.