Sun. Oct 1st, 2023
    Equinor Proposes Plan to Develop Eirin Gas Discovery in North Sea

    Equinor ASA has presented a development plan to the Ministry of Petroleum and Energy to advance its Eirin gas discovery in the North Sea. Positioned northwest of the Gina Krog field in the central region of the North Sea, Eirin is estimated to hold 27.6 million barrels of oil equivalent. The proposed plan includes installing subsea equipment, which will be connected to Equinor’s Gina Krog platform. The total investment for this project is expected to be slightly above NOK 4 billion ($373.2 million).

    By leveraging the infrastructure of the Gina Krog platform, Equinor aims to deliver new gas to Europe while ensuring profitability and reducing CO2 emissions during production. This development will extend the productive life of the Gina Krog field from 2029 to 2036, which is of significant importance to the Sleipner area.

    This is the first offshore field development proposal submitted to Norwegian authorities this year, highlighting the importance of the Erin development in extending the lifespan of current infrastructure and increasing gas supply to Europe. Production is expected to commence in 2025, with the gas from the Eirin field being exported alongside gas from the Gina Krog field via the Sleipner A platform.

    Extending the productive life of the Gina Krog field not only ensures a stable supply of gas but also creates an opportunity to develop and utilize additional reserves in the surrounding area. Equinor operates the field with a 78.2% stake, while Kuwait Foreign Petroleum Exploration Company holds the remaining shares.

    Equinor’s focus on minimizing emissions from the Eirin field includes plans to electrify the Gina Krog platform and partially electrify Sleipner. The company claims that this approach will result in minimal emissions, equivalent to three kilograms of CO2 per barrel of oil equivalents.

    Equinor’s successful development of hydrocarbon discoveries contributes to the expansion of its asset portfolio and overall value. The company continues to prioritize the pursuit of new hydrocarbon reserves.

    Source: Zacks Investment Research