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Equinor plans $2 billion Breidablikk oilfield development

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09/28/2020 | 01:55am EDT
Equinor's logo is seen at the company's headquarters in Stavanger

Equinor and its partners in Norway's Breidablikk oil discovery have agreed on an 18.6 billion Norwegian crowns ($1.95 billion) development plan for the North Sea field, the state-controlled company said on Monday.

Partners in the field are ConocoPhillips, Petoro and Vaar Energi, a unit of Eni.

"The Breidablikk field is one of the largest undeveloped oil discoveries on the Norwegian continental shelf," Equinor said in a statement.

The field is estimated to contain some 200 million barrels of oil, and is scheduled to begin output in the first half of 2024, Equinor said.

Deploying remote-control technology designed to cut costs, the field will have subsea-installations only, rather than a traditional platform, taking advantage of its proximity to the older Grane oil platform and an extensive pipeline network.

"Breidablikk is being phased in during a period of declining oil production at Grane and will help maintain the activity level on the platform," Equinor said.

(Reporting by Terje Solsvik; Editing by Himani Sarkar and Sherry Jacob-Phillips)


Stocks mentioned in the article
ChangeLast1st jan.
CONOCOPHILLIPS -5.95% 30.64 Delayed Quote.-49.90%
ENI SPA -3.38% 6.34 Delayed Quote.-52.61%
EQUINOR ASA -0.38% 131.6 Delayed Quote.-24.73%
LONDON BRENT OIL -2.77% 41.7 Delayed Quote.-35.68%
WTI -3.26% 40.022 Delayed Quote.-32.53%
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