Page 10 - EurOil Week 16 2021

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Equinor chalks up fourth find of year

NORWAY NORWEGIAN oil firm Equinor has chalked North Sea, estimated to be 44-69mn boe of oil
up its fourth discovery of 2021, after sinking a and gas in size. This was followed up by the dis-
The discovery was well at the Tyrihans field in the Norwegian Sea. covery of 31-50mn boe near Johan Sverdrup in
made at the Tyrihans The find, estimated to be 19-26mn barrels of oil the Barents Sea in early March, ending a streak
field in the Norwegian equivalent (boe) of recoverable oil and gas, is of dry wells in the frontier region. Equinor then
Sea. considered commercial and will be brought into made the biggest find of the year in late March
production immediately, the company said on near the Fram oilfield, assessed at 75-120mn
April 21. boe in size.
The discovery was made at Production
Licence 073, which Equinor operates with a Norwegian supply
58.8% interest. Its partners Total and Var Energi Norwegian oil and other liquids supply aver-
have shares of 29.1% and 12.1% respectively. aged 2.094mn barrels per day (bpd) in March,
The group’s 640/1-A-3 BH well encountered a marking a 0.4% decrease month on month but
43-metre gas column and a 15-metre oil column a 3.0% growth year on year, primarily thanks
in lower-mid Jurassic layers. to rising contributions from Equinor’s Johan
“It is encouraging to prove new resources Sverdrup field. Output surpassed the forecast
that can extend the life of producing fields in the by 0.1%, according to the Norwegian Petroleum
Norwegian Sea,” Equinor’s senior vice-president Directorate.
for exploration on the Norwegian Continental Gas supply last month slipped 1.4% m/m to
Shelf (NCS), Nick Ashton, said in a statement. 316.5mn cubic metres per day, the NPD said, and
“Thanks to the location we are able to put the was also down 8.4% y/y, despite colder weather
discovery on stream over the Tyrihans field and depleting storage levels in Europe.
immediately.” Liquids output is set to steadily climb during
Tyrihans was discovered in 1983 and put into the rest of the year, while the outlook for gas sup-
operation in 2009. Since then its production has ply is more mixed. Production is anticipated to
been relatively stable, although the share of gas fall to 276 mcm per day in April and 274 mcm
in its output has been rising since 2014, while the per day in May. A recovery will then begin,
share of oil has been contracting. returning to 316 mcm per day in June.
The discovery is the latest in a string of There will be a further decline in late sum-
exploration successes for Equinor this year. The mer and early autumn, but production will
company hailed Norway’s first discovery of the end the year on a high of 334 mcm per day in
year in January near the Troll gas field in the December.™

P10 www. NEWSBASE .com Week 16 22•April•2021