TTE - Equinor partners to spend $1.1B to further develop Oseberg North Sea field

Equinor (NYSE:EQNR) says it plans to spend 10B kroner (~$1.1B) with its partners to further develop the Oseberg field in the North Sea from being primarily an oil field to becoming a gas producer. The company says it has submitted an amended plan for development and operation to Norway's energy ministry with the aim of reducing carbon emissions from the Oseberg Field Centre and the Oseberg South platform while increasing gas production. Oseberg's oil production is in the late phase, but Equinor says 60% of the field's gas resources remain untapped and it expects Oseberg to produce more than 100B scm of gas toward 2040. Equinor operates the field and owns a 49.3% stake, with Petoro holding 33.6%, TotalEnergies (NYSE:TTE) 14.7% and ConocoPhillips (NYSE:COP) 2.4%. Shares -4.7% pre-market, with oil names plunging across the board on worries over the new coronavirus variant.

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Equinor, partners to spend $1.1B to further develop Oseberg North Sea field