Photo: Rune Samuelsen / ©Equinor
Equinor, Aker BP and Vår Energi are establishing a strategic exploration collaboration to pursue some of the largest remaining opportunities on the Norwegian continental shelf (NCS). The aim is to increase the chances of major discoveries that can support new standalone field developments and long-term value creation.
The companies have agreed to combine expertise, data, technology and exploration capacity to pursue selected high impact exploration opportunities. Over the next four to five years, the companies plan to mature and test a portfolio of approximately 20–25 exploration opportunities, with an ambition to drill around five high impact exploration wells annually.
In recent years, most discoveries have been made close to existing infrastructure. Developing these resources through subsea tiebacks is important for maintaining production from existing fields and facilities. Near-field exploration will remain crucial, but larger discoveries will also be needed to provide the resource base for new standalone field developments.
The companies see continued potential for such discoveries. However, some of the largest remaining opportunities come with higher geological uncertainty, greater complexity and larger investment requirements. This has made it increasingly challenging to establish partnerships around high-impact prospects. By sharing risk and combining capabilities, the companies can pursue and test more of these opportunities than they would individually.
Major new discoveries could support future energy supplies and value creation, while helping sustain activity and expertise in the Norwegian supplier industry. They could also contribute to maintaining reliable energy supplies from the NCS to Europe as production is expected to decline after 2035 without new discoveries and developments.