Equinor makes "significant" find off Norway
Norway's Equinor has made a "significant" oil and gas discovery in the Norwegian North Sea after drilling the Kveikje exploration well, its licence partner Longboat Energy reported on April 5.
The well's target Kveikje Main is estimated to hold between 28 and 48mn barrels of oil equivalent in recoverable hydrocarbons, Longboat said, exceeding pre-drill expectations. The discovery has "excellent" reservoir quality and is near existing infrastructure, "allowing for a simple development through multiple export options."
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The well encountered an oil-filled reservoir in the Kveikje primary Eocene target, and a gas layer in the overlaying Kveikje Hordaland Eocene injectite, with both having excellent quality, Longboat said. Equinor has not yet commented on the find, and neither has the Norwegian Petroleum Directorate.
"Excellent reservoir quality, close proximity to infrastructure and multiple development options make this an important and valuable resource and we look forward to working with the operator to mature the forward plan," Longboat CEO Helge Hammer commented. "We believe that this is an asset that can be commercialised via either development or transaction given the high value barrels that we have discovered."
Kveikje is the fifth well in a seven-well campaign at prospects that Longboat farmed into in a deal last year. And it is the third of the wells to make a discovery. The next will be the Cambozola well, which Longboat described as a "play opener," targeting one of Norway's largest gas prospects. Mid-year, it will target another large gas prospect called Copernicus.