EQNR - Equinor to invest up to $4B in NOAKA oil and gas fields

Equinor (EQNR -2.2%) plans to invest 25B-35B Norwegian crowns ($3B-$4B) to develop the NOAKA oil and gas fields with partners in the North Sea, Reuters reports. The cluster of petroleum discoveries between the Oseberg and Alvheim fields, which would become the largest oil and gas development off the coast of Norway since 2019, could cost ~$10B total to develop, according to Aker BP, the other operator in the area. Aker BP, which will operate two of the licenses, says its part of the investments could total 40B-55B crowns. Equinor will operate the Krafla license and targets production of 300M boe during the field's lifetime, while Aker BP aims for 250M-370M boe from the NOA Fulla area. NOAKA is expected to generate overall gross recoverable reserves to ~600M boe, raised from a previous outlook for more than 500M boe. Earlier this week, Equinor reported lower than expected Q3 net profit and

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Equinor to invest up to $4B in NOAKA oil and gas fields