Page 10 - EurOil Week 47 2022

EurOil INVESTMENT EurOil

Equinor, partners sign off on

$1.4bn gas field development

NORWAY NORWAY’S Equinor and its partners incentive package, such ventures now have a new
announced this week that they had signed off on lease of life.
The Irpa discovery will a NOK14.8bn ($1.44bn) plan to develop an Arc- “This is a good day – the development of Irpa
yield 20 bcm of gas for tic gas discovery off the country’s coast. will contribute to predictable and long-term
export to Europe. The discovery, Irpa, will yield around 20bn deliveries of gas to customers in the EU and the
cubic metres of gas for export to Europe via the UK,” commented Equinor’s executive vice presi-
Aasta Hansteen platform some 80 km east of dent for projects, drilling and procurement, Geir
the find. Under a water depth of around 1,300 Tungesvik.
metres, Irpa, formerly known as Asterix, is one Norway is now the biggest gas supplier to
of the deepest finds to be developed offshore Europe, following steep cuts in Russian deliver-
Norway. ies in recent months. But many of the Norwegian
“The Irpa development will use available upstream projects in the pipeline will not yield
processing capacity on the Hansteen platform any extra gas for several more years, offering little
when production gradually declines and at the relief to the current crisis in the European energy
same time contribute to extending the life of the market.
Hansteen field,” Norway’s energy ministry said “Europe’s need for energy security is enor-
in a statement. mous and it’s hugely important these days that
Production is on track to start in the final we can continue to develop the Norwegian Con-
quarter of 2026, and the field will continue flow- tinental Shelf [NCS] and continue to be a stable
ing gas until 2039, under the development plan. and long-term supplier of gas to the European
Neither Equinor nor its partners specified how market,” Norwegian Energy Minister Terje Aas-
much gas would be produced at peak. land commented in an interview with Bloomb-
The discovery was made 17 years ago, but erg on November 22.
was long considered too high-cost to develop. Equinor operates the field licence with a 51%
But with European gas prices soaring, and with interest, while Petoro has 20%, Wintershall Dea
Norwegian producers having an added incen- has 19% and Shell has 10%. ™
tive to sign off on projects thanks to a 2020 tax

P10 www. NEWSBASE .com Week 47 28•November•2022