Aug. 28–Norway’sEquinor said it’s investing in new offshore wind projects that could power its oil and gas fields in the North Sea.
Equinor, previously known as Statoil, is launching a new wave of exploration and production in the Norwegian North Sea, but it’s looking to do so in a cleaner and more efficient manner. As a pioneering company in offshore wind, Equinor now wants to use wind to power its oil and gas, starting with the Gullfaks and Snorre fields.
“This is an innovative project that demonstrates what we want to achieve on the Norwegian Continental Shelf, while at the same time it may pave the way for technology development and new industrial opportunities for Norway, Equinor and the Norwegian supplier industry with profitable renewable energy” said Arne Sigve Nylund, Equinor executive vice president for development and production.
Equinor, which is majority owned by the Norwegian government, said it sees a profitable future in the North Sea until 2030 when it will further mature. So Equinor is starting a new exploration program to breathe new life into the aging region, including seeking more natural gas to help reduce Norway’s and Europe’s use of coal for electricity generation.
Equinor said it will start drilling up to 30 exploration wells annually in the region.
And Equinor aims to extract oil and gas more efficiently from its wells.
“We aim to achieve an average recovery rate of 60 and 85 percent, respectively, at our oil and gas fields,” Nylund added. “This is almost twice the average global oil recovery rate of 35 percent.”
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