Page 11 - EurOil Week 12 2021

EurOil PROJECTS & COMPANIES EurOil

Norway reports biggest find of 2021

NORWAY NORWAY’S Equinor and its partners Var Energi, to develop the latest find in line with its climate
Idemitsu Petroleum and Neptune Energy have goals, given the quality of its resources and its
reported the country’s biggest oil find of the year. close proximity to existing infrastructure. The
Preliminary estimates place the discovery’s company is targeting a 40% reduction in green-
size at 75-120mn barrels of oil equivalent (boe), house gas (GHG) emissions at its operated fields
Equinor said in a statement on March 24. It was and onshore plants by 2030.
made at the 31/2-22 S exploration well a mere 3 The 31/2-22 S well was drilled by the West
km from the Equinor-operated Fram oilfield in Hercules rig in waters 349 metres deep. It
the North Sea. It is also only 11 km from Troll, struck a 30-metre oil column in the upper part
Norway’s biggest gas project. of the Sognefjord formation and a 50-metre oil
“The discovery revitalises one of the most column in its lower formation. Oil-water con-
mature areas on the Norwegian Continental tacts were proven at 1,860 and 1,960 metres
Shelf [NCS],” Equinor said. “With discoveries in respectively.
four of four prospects in the Fram area during Norway hailed its first oil and gas discov-
the past 18 months, we have proven volumes that ery of 2021 near the Troll field in February,
in total will create considerable value for society.” with Equinor encountering 44-69mn boe. The
Equinor reported finding 38-100mn boe in company followed this up with the finding of
November 2019 some 3 km from Fram, which 31-50mn barrels near the Johan Castberg pro-
has been in production since 2003. ject, ending a streak of dry wells in the Barents
In its statement, Equinor said it would be able Sea. ™

Total ties executive bonuses

to emissions cuts

FRANCE FRENCH oil major Total has announced it will scaling back oil production. As part of this stra-
partly tie executive bonuses to the company’s tegic shift, it has asked shareholders to vote on a
Total wants to slash success in curbing the greenhouse gas (GHG) name change to TotalEnergies.
its Scope 1 and 2 emissions of its customers. Total’s board will also give shareholders an
emissions by 40% by The move comes as Total and others face “advisory vote” on the company’s sustainable
2030. growing pressure from governments, investors development path at the company’s next general
and customers to do more to address their emis- meeting on May 28. Nearly 17% of shareholders
sions. The company has major expansion plans backed a proposal for tougher emissions tar-
for its renewable business, but for the time being geted last year.
it still generates the overwhelming bulk of its rev- In addition, the board has opted to renew the
enues from oil and gas. contract of CEO Patrick Pouyanne for another
In a statement on March 18, Total said that term until 2024, subject to approval from share-
starting in 2021, a new criterion regarding the holders. Pouyanne took the company’s helm in
reduction in indirect Scope 3 emissions, relat- 2014 after the death of his predecessor, Christo-
ing to the use of its products by customers in phe de Margerie. ™
Europe, would be introduced when allocating
performance shares to the group’s chairman and
CEO, and other senior executives. The weight of
criteria relating to the company’s transformation
strategy has also been increased.
Total is looking to slash its Scope 1 and 2
emissions by 40% by 2030 and become a net-
zero company by 2050. It is also seeking to
reduce its Scope 3 emissions in Europe by 30%
by 2030, and bring them down to net zero as well
20 years later.
The company aims to achieve this by expand-
ing sales of gas, clean power and biofuels, while

Week 12 25•March•2021 www. NEWSBASE .com P11