EQNR - Equinor to develop $940M Norway gas project makes new find in Barents Sea

Equinor (NYSE:EQNR) and its partners said on Wednesday that they submitted a plan to develop the Halten East cluster of gas and condensate discoveries in the Norwegian Sea for 9B crowns (~$940M). Equinor (EQNR) said recoverable reserves at Halten East, which consists of six gas and condensate discoveries and an option on another three prospects, are estimated at ~100M boe (60% natural gas), with exports to Europe expected to begin in 2025. Operator Equinor (EQNR) owns a 57.7% stake in Halten East, while Vaar Energi holds 24.6%, Spirit Energy 11.8% and Petoro 5.9%. Separately, Equinor (EQNR) announced a new oil discovery at the Snofonn Nord exploration well at the Johan Castberg field in the Barents Sea. Preliminary calculations indicate the Snofonn Nord find holds 37M-50M barrels of recoverable oil. Also, Equinor (EQNR) said it has completed its plan to exit all joint ventures in Russia, including the Kharyaga oil field

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Equinor to develop $940M Norway gas project, makes new find in Barents Sea