Latest news with #Equinor
Yahoo
3 hours ago
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Equinor to invest $2bn in Fram Sør subsea development in Norway
Equinor, alongside its Fram partners, has announced an investment of more than Nkr21bn ($2bn) in the new Fram Sør subsea development to enhance energy supply security from the Norwegian Continental Shelf (NCS) to Europe. The Fram partners are Equinor Energy (45%), Vår Energi (40%) and INPEX Idemitsu Norge (15%). The Fram Sør project will unite several discoveries, including Echino South and Blasto, to export oil and gas via the Troll C platform in the North Sea, with recoverable volumes estimated at 116 million barrels of oil equivalent. The development and operation plan for the project has been officially submitted to Norway's Minister of Energy, Terje Aasland. Production is set to commence at the end of 2029. Equinor Projects, Drilling & Procurement executive vice-president Geir Tungesvik said: "The development will put new oil and gas resources on stream by connecting new infrastructure to existing facilities that provide good and robust profitability. 'The project will generate activity for the Norwegian supply industry, with an estimated employment effect of 4,500 full-time equivalents (FTEs) during the development period." The Fram Sør field development includes a technological breakthrough on the NCS in the form of all-electric Christmas trees, which removes the necessity for hydraulic fluid from the platform and enhances the monitoring of subsea equipment, stated Equinor. The CO₂ intensity for this development is estimated at around 0.5kg of CO₂ per barrel of oil equivalent, significantly lower than the NCS average of 8kg and the industry average of around 16kg. Equinor Exploration & Production Norway executive vice-president Kjetil Hove said: 'We have a large portfolio of projects that will phase in discoveries to our producing fields. Equinor expects to put more than 50 such projects on stream by 2035." The investments in Fram Sør will not only support the Norwegian supply industry during the development phase but also throughout its operational life. Contracts valued at around Nkr18bn will be awarded, subject to regulatory approval. In related news, a new company named Adura has been formed by the joint venture between Equinor and Shell, which has been referred to as the 'UK North Sea's largest independent oil and gas producer'. In December 2024, Equinor and Shell announced they would merge their UK offshore oil and gas assets and expertise. Adura, headquartered in Aberdeen, is set to sustain domestic oil and gas production and ensure energy security in the UK and beyond. "Equinor to invest $2bn in Fram Sør subsea development in Norway" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10 hours ago
- Business
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Equinor and Partners Approve $2 Billion Fram Sør Project
A new oil and gas project in the North Sea has been greenlit by Norwegian oil major Equinor and its Fram partners, which plan to invest NOK 21 billion or USD$2 billion. Equinor Energy owns 45 percent of the Fram Sør project, Vår Energi ASA holds 40 percent and INPEX Idemitsu Norge AS has 15 percent. The plan for development and operations was submitted on Thursday to Norway's Minister of Energy. The Fram Sør project is a combined development of several discoveries that will export oil and gas via Troll C. The Troll field contains about 40 percent of total gas reserves on the Norwegian Continental Shelf (NCS). The field consists of the main Troll East and Troll West structures. Troll is also one of the largest oil fields on the NCS. Oil from the Fram field is transported through Troll Oil Pipeline II to Mongstad, and gas is exported to Kollsnes via the Troll A platform. The Troll C platform. Source: Equinor Recoverable volumes at Fram Sør are estimated at 116 million barrels of oil equivalent, 75 percent of which is oil and 25 percent is gas. Production is scheduled to start at the end of 2029, reads a company press release. The field development is also technologically groundbreaking. Fram Sør will be the first project on the NCS to use all-electric 'Christmas trees' that eliminate the need for hydraulic fluid supplied from the platform and improve monitoring capabilities of the subsea equipment. The technology also reduces the risk of environmental impact. In the fall of 2019, Equinor and partners made a discovery of oil and gas in the Fram area of the North Sea. This discovery, called Echino South, supported the belief that more oil could be found, and contributed to nine discoveries made in the Troll-Fram area over a four-year period. In the spring of 2021, Equinor and partners made the Blasto discovery. Together with two smaller discoveries in previous years, Echino South and Blasto form the basis for Fram Sør. Water depth in the area is about 350 meters and the reservoir is between 1,800 and 2,800 meters deep. 'We have done a thorough job maturing the new resources discovered in the Fram and Troll area in recent years,' said Kjetil Hove, Equinor's executive vice president for exploration & production Norway. 'Fram Sør shows the importance of area solutions and close collaboration between partners and authorities in order to realize the resource values on a mature NCS. We have a large portfolio of projects that will phase in discoveries to our producing fields. Equinor expects to put more than 50 such projects on stream by 2035.' The Fram Sør announcement gels with Equinor's recent decision to pivot from renewables back to its core oil and gas competencies. Earlier this year the company said it is reducing its ambition for installed renewables capacity by 20 percent at the low end and 33 percent at the high end, from 12-16 gigawatts by 2030 to 10-12 GW. The higher target range was set in 2021. The firm also said it is scrapping a previous 2030 target to allocate 50 percent of gross capital expenditures to renewables. Equinor said in its press release reporting Q4 and full-year 2024 results that it plans to increase oil and gas production by 10 percent from 2024 to 2027. The company expects USD$23 billion in free cash flow for 2025-27 by reducing capital expenditures and addressing costs. Norway only produces about 2 percent of the world's oil supply, but it is the largest oil producer and exporter in Western Europe. Equinor is Norway's largest oil and gas company, outputting about 70 percent of its total production, or 2 million barrels of oil equivalent per day. By Andrew Topf for More Top Reads From this article on Sign in to access your portfolio
Yahoo
20 hours ago
- Business
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Governor of Louisiana to Join Equinor, Edison Chouest Offshore for Christening of U.S.-Built Service Operations Vessel ECO Liberty
NEW ORLEANS, June 27, 2025--(BUSINESS WIRE)--Equinor, the developer of Empire Wind 1, will join Louisiana Governor Jeff Landry, First Lady Sharon Landry, and host Edison Chouest Offshore for a christening ceremony for the ECO Liberty on Saturday, June 28, at 11 am at the Port of New Orleans. The American-made Service Operations Vessel (SOV) was built by more than 500 Louisianans and showcases the Gulf Coast's growing manufacturing role in supporting U.S. offshore wind projects. The ECO Liberty is made of American steel and includes components from several Gulf Coast states. The 262-foot hybrid-powered vessel will soon depart for New York, where it will be homeported at the newly redeveloped South Brooklyn Marine Terminal. The ECO Liberty will be deployed to support ongoing marine construction in the lease area and eventually serve as the residence for Empire Wind workers offshore. WHAT: Christening Ceremony for the ECO Liberty WHO: Governor Jeff Landry Louisiana First Lady Sharon Landry, Vessel Godmother Representatives from Edison Chouest Offshore and Equinor WHEN: Saturday, June 28, at 11 am WHERE: Port of New Orleans, 1350 Port of New Orleans Pl, New Orleans, LA 70130 View source version on Contacts Media is invited to attend the christening event and should RSVP to:David SchoetzSenior Communications Manager, Equinor Renewables Americas475-216-1942, dscho@ Sam SpieglemanStrategic Communications Assistant, PRG303-880-6328,
Business Wire
20 hours ago
- Business
- Business Wire
Governor of Louisiana to Join Equinor, Edison Chouest Offshore for Christening of U.S.-Built Service Operations Vessel ECO Liberty
NEW ORLEANS--(BUSINESS WIRE)--Equinor, the developer of Empire Wind 1, will join Louisiana Governor Jeff Landry, First Lady Sharon Landry, and host Edison Chouest Offshore for a christening ceremony for the ECO Liberty on Saturday, June 28, at 11 am at the Port of New Orleans. The American-made Service Operations Vessel (SOV) was built by more than 500 Louisianans and showcases the Gulf Coast's growing manufacturing role in supporting U.S. offshore wind projects. The ECO Liberty is made of American steel and includes components from several Gulf Coast states. The 262-foot hybrid-powered vessel will soon depart for New York, where it will be homeported at the newly redeveloped South Brooklyn Marine Terminal. The ECO Liberty will be deployed to support ongoing marine construction in the lease area and eventually serve as the residence for Empire Wind workers offshore.
Yahoo
a day ago
- Business
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Shell and partners boost gas production from Norway's Ormen Lange field
OSLO (Reuters) -Energy major Shell and its partners have started up two subsea compression stations at Norway's Ormen Lange gas field to help boost recovery of gas reserves, which are exported to European markets, the companies said on Friday. The new compressor stations will increase the amount of gas recovered from the field from 75% to 85%, adding an additional 30-50 billion cubic metres (bcm) of gas, Shell said in a statement. Gas from Ormen Lange is processed at the Nyhamna plant on Norway's west coast and exported to the European Union and Britain. Norway in 2022 overtook Russia as Europe's biggest gas supplier after Moscow's invasion of Ukraine, and maintains a programme of upgrades and exploration to maintain supply levels. Ormen Lange is operated by Shell, which holds a 17.8% stake in the field, with the other stakes held by Petoro (36.5%), Equinor (25.3%), Orlen Upstream Norway (14%) and Vaar Energi (6.3%). Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
