popular articles

Oil industry: Equinor Energy discovers a well with commercial potential

pétrolier

Please share:

The oil industry has not yet said its last word: Norwegian fossil fuel, oil and gas company Equinor Energy discovered a new oil well in July 2020.

Development of the oil industry in Norway

It is located in the North Sea, about 160 kilometers west of Floro in Norway. With this discovery, the number of wells in production permit 089 now stands at 41. The latter was awarded in 1984 during the eighth cycle of the bachelor’s degree.

Offshore drilling

This new hydrocarbon source came to light via a sidetrack drilled from the 34/7-E-4 AH AS development well northwest of the Vigdis Vest field. It was dug to a vertical depth of 2,517 metres below sea level for a measured depth of 4,459 metres. The purpose of the new 34/7-E-4 AH well was to test for oil in the Middle Jurassic reservoir rocks of the Rannoch Formation.

A Transocean Norge semi-submersible platform made it possible to dig in 283 kilometers of water. As a result, the reservoir will be temporarily closed as the oil meets the water at a depth of 2,479 meters.

oil norway

A discovery with great potential for the oil industry

According to Oil field technology, this minor discovery has promising commercial potential. In fact, this 20-meter-long oil column in the Rannoch formation has 18 meters of good-quality sandstone reservoir. The Norwegian Petroleum Directorate reported on the importance of this well in NS Energy magazine.

“Preliminary calculation of the size of the discovery is between 0.9 and 1.5 million standard cubic metres (Sm3) of recoverable oil.”

In addition, he points out that this well will be linked to the Vigdis field, and the material could be recovered using the Vigdis facilities already in place. The company has already proceeded with data collection and sampling. However, the well has not yet been tested in formation. This new deposit is good news for the oil industry, which has been hit by a drop in production since the early 2000s, and the covid-19 pandemic.

oil

The oil industry is at the heart of the ecological debate

However, the exploitation of fossil fuels is at the heart of environmental issues in the face of global warming. This is notably the case in Norway, where the green transition has been accelerated, with the government funding actions to comply with the Paris Agreement. The latter, however, is one of the European countries that produces the most oil and emits the most greenhouse gases. Between an ecological approach and an oil production permit, Oslo offers us an ambivalence.

Equinor Energy multiplies its successes

The company continues to flourish in 2020. Earlier this year, the company had already discovered a gas and condensate deposit in the Wild 30 / 2-5 S well located in production license 878 in the Norwegian North Sea. According to estimates by the Norwegian Gas Directorate, the reserves represent between three and ten million standard cubic meters of recoverable oil equivalent. That’s between 19 and 63 million barrels of oil equivalent.

Norway at the heart of offshore drilling

The Transocean Norge drilling rig will then continue its journey to bring up a new development well on the Visund South field for Equinor Energy. The North Sea and Norway are therefore currently at the heart of the Norwegian oil giant’s energy challenges. In 2018, Norwegian Prime Minister Erna Solberg declared: “The person who will turn out the lights on the Norwegian continental shelf is not yet born”. This sector, which accounts for 20% of the country’s investments, 30% of exports and 200,000 jobs, is a pillar for the country.

Unprofitable wells in Australia and the Arctic for the oil industry

This well is an advance for the company, which at the start of 2020 had failed to detect hydrocarbons in a promising Arctic zone. In addition, the oil company renounced its right to drill in the Great Australian Bight. Indeed, the wells in this area are not profitable, said Equinor director Jone Stangeland. This news delighted Australian Greens Senator Sarah Hanson-Young. The giant therefore prefers to turn to the more profitable and promising North Sea.

Register free of charge for uninterrupted access.

Publicite

Recently published in

US energy companies reduced the number of active rigs for the fifth consecutive week, reaching their lowest level since November 2021, according to data published by Baker Hughes.
The 102 MW wind project in Québec secures structured loans from Canadian banks, marking a new stage for the joint venture between Innergex and the Mi'gmaq communities.
The 102 MW wind project in Québec secures structured loans from Canadian banks, marking a new stage for the joint venture between Innergex and the Mi'gmaq communities.
Sempra Infrastructure has received approval from U.S. authorities to export 13.5 Mtpa of liquefied natural gas to countries without free trade agreements, marking a key step in developing the Port Arthur LNG Phase 2 terminal.
Sempra Infrastructure has received approval from U.S. authorities to export 13.5 Mtpa of liquefied natural gas to countries without free trade agreements, marking a key step in developing the Port Arthur LNG Phase 2 terminal.
Canadian company enCore Energy has received regulatory approval to extend its radioactive materials licence to the Upper Spring Creek project, initiating the construction of new ISR facilities near its Rosita site.
Canadian company enCore Energy has received regulatory approval to extend its radioactive materials licence to the Upper Spring Creek project, initiating the construction of new ISR facilities near its Rosita site.
EOG Resources finalises a $5.6bn acquisition of 675,000 net acres from Encino Acquisition Partners, consolidating its strategic position in the Utica formation and increasing its dividend by 5 %.
The US Department of Energy has cancelled 24 projects funded under the Biden administration, citing their lack of profitability and alignment with national energy priorities.
The US Department of Energy has cancelled 24 projects funded under the Biden administration, citing their lack of profitability and alignment with national energy priorities.
In the United States, the carbon black market faces unprecedented fluctuations in the first half of 2025, driven by declining industrial demand and persistent raw material volatility, casting doubts over the sector's future stability.
In the United States, the carbon black market faces unprecedented fluctuations in the first half of 2025, driven by declining industrial demand and persistent raw material volatility, casting doubts over the sector's future stability.
In May 2025, natural gas demand for electricity generation in the United States declined, influenced by cooler weather conditions and a significant increase in solar generation.
In May 2025, natural gas demand for electricity generation in the United States declined, influenced by cooler weather conditions and a significant increase in solar generation.
Waga Energy has commissioned a biomethane facility in British Columbia, in partnership with FortisBC and Capital Regional District, marking the first unit of its kind on Vancouver Island.
The Norwegian group has been named preferred bidder for a 492 MWh storage project under South Africa’s public BESIPPPP programme.
The Norwegian group has been named preferred bidder for a 492 MWh storage project under South Africa’s public BESIPPPP programme.
Aker Solutions will deliver the steel structure for an HVDC converter station for the offshore BalWin2 project developed by Amprion Offshore, under a contract valued at up to NOK2.5bn ($228mn).
Aker Solutions will deliver the steel structure for an HVDC converter station for the offshore BalWin2 project developed by Amprion Offshore, under a contract valued at up to NOK2.5bn ($228mn).
Syria has signed a $7bn agreement with a consortium of companies from Qatar, Turkey and the United States to rebuild its national power sector.
Syria has signed a $7bn agreement with a consortium of companies from Qatar, Turkey and the United States to rebuild its national power sector.
European and UK carbon markets paused this week as participants await clarity on future integration of both emissions trading systems.
The Swedish government will implement new disclosure rules for foreign vessels, specifically targeting tankers linked to Russia’s hard-to-trace oil fleet.
The Swedish government will implement new disclosure rules for foreign vessels, specifically targeting tankers linked to Russia’s hard-to-trace oil fleet.
The International Atomic Energy Agency revealed that Iran conducted undeclared nuclear activities at three sites, which could lead to a non-compliance resolution by mid-June.
The International Atomic Energy Agency revealed that Iran conducted undeclared nuclear activities at three sites, which could lead to a non-compliance resolution by mid-June.
Chinese supplier Arctech will equip a green hydrogen project in Duqm with 175 MWp of solar trackers, marking a milestone in the industrial energy development of Oman’s coastal region.
Chinese supplier Arctech will equip a green hydrogen project in Duqm with 175 MWp of solar trackers, marking a milestone in the industrial energy development of Oman’s coastal region.
With 80% of its projects still in early stages, Australia struggles to realise its hydrogen ambitions, according to Wood Mackenzie, which warns of lost competitiveness against Europe and the Middle East.
Singa Renewables receives Singaporean approval to import Indonesian solar electricity, marking a strategic step forward in a regional project led by TotalEnergies and RGE.
Singa Renewables receives Singaporean approval to import Indonesian solar electricity, marking a strategic step forward in a regional project led by TotalEnergies and RGE.
Indian manufacturer Waaree has signed a $176mn solar module supply agreement with a US-based independent power producer, marking a key step in its industrial presence in the United States.
Indian manufacturer Waaree has signed a $176mn solar module supply agreement with a US-based independent power producer, marking a key step in its industrial presence in the United States.
The agreement signed in Seoul between REPT BATTERO and Hyosung Heavy Industries provides for the supply of 2.5GWh of energy storage systems aimed at strengthening their joint position in the global market.
The agreement signed in Seoul between REPT BATTERO and Hyosung Heavy Industries provides for the supply of 2.5GWh of energy storage systems aimed at strengthening their joint position in the global market.
RIC Energy and Siemens have signed an agreement to develop industrial projects in Spain focused on renewable hydrogen, green ammonia and e-fuels, including technical solutions and financing mechanisms.
Verdagy will supply hydrogen to Mainspring Energy to power a linear plant in Moss Landing, with operations expected to begin by summer 2025.
Verdagy will supply hydrogen to Mainspring Energy to power a linear plant in Moss Landing, with operations expected to begin by summer 2025.
Solveo Energies has inaugurated an experimental agrivoltaic system in the Pyrénées-Orientales, combining solar power production and crop protection on a farm facing drought conditions.
Solveo Energies has inaugurated an experimental agrivoltaic system in the Pyrénées-Orientales, combining solar power production and crop protection on a farm facing drought conditions.
European Energy has begun commercial e-methanol production in Denmark and reported an EBITDA of €45.9mn, while accelerating its international expansion, particularly in Australia.
European Energy has begun commercial e-methanol production in Denmark and reported an EBITDA of €45.9mn, while accelerating its international expansion, particularly in Australia.

Advertising