May 25, 2022 09:18 GMT
Norway’s Equinor and partners have submitted a $940 million plan to develop a cluster of gas fields in the North Sea in a boost for European energy security the company announced today.
- The project would develop an area with six gas and condensate discoveries, with the option of developing a further three prospects. Equinor said the fields were not economically viable to develop in isolation.
- Halten East contains reserves of around 100 million barrels of oil equivalent, 60% of which is natural gas, and is expected to begin exporting to Europe in 2025. Halten East utilises existing gas infrastructure on the Norwegian continental shelf.
- Norway released tax incentives for field developments introduced by the end of 2022 which is pushing up project proposals in the country. It comes at an opportune time of higher demand for gas from Europe as the regions rotates away from Russian energy flows as quickly as possible.