Equinor, the Norwegian state-owned energy giant, announced that despite a recent oil and gas discovery in the North Sea, the project does not meet profitability criteria in the current market conditions. This discovery, made through drilling conducted by Odfjell Drilling’s Deepsea Atlantic rig, has been evaluated as unprofitable due to price headwinds.
The Deepsea Atlantic rig was used to drill the wildcat well 35/10-13 S in production license 827 SB, located in the northern part of the North Sea. The primary objective of the drilling was to explore the Angel prospect. However, initial estimates indicate the discovery holds only between 0.1 and 0.5 million standard cubic meters of recoverable oil equivalent, making it unviable at current price levels.
Additionally, the drilling sought to delineate the nearby Heisenberg discovery, confirming a significant find of 24-56 million barrels of recoverable oil. Yet, despite proving oil in various formations, the overall results have not justified immediate development in the present investment climate.
The well was not tested, but extensive data acquisition and sampling were carried out. Equinor, though disappointed by this specific find’s profitability, remains active in the North Sea region and continues to explore other prospects that may hold greater commercial potential.
