Equinor, Aker-BP and Vaar will cooperate in Norway for frontier oil exploration

Equinor Aker BP Vaar Energi? plan to?cooperate in oil and gas exploration on the so-called high impact frontier areas of Norway’s continental shelf.

Drilling in areas where there has been little or no exploration is more expensive and carries a higher risk of dry holes. However, it could also yield larger finds.

In a joint press release, the three companies said they had agreed to combine their expertise, data and technology, as well as their exploration capabilities, in order to take advantage of high-impact exploration opportunities.

Kjetil ve, Equinor’s head of Norwegian operations, stated that "near-field exploration is crucial but we also need to pursue larger opportunities to sustain activity ad value creation beyond 2035."

Norway, Europe's biggest oil and gas producer encourages energy firms to drill more reserves in order to prolong the life of the?petroleum?industry for decades to come, despite concerns from environmental groups about the climate impact. (Reporting and editing by Terje Solsvik, Nora Buli and Nerijus Adomiaitis)

(source: Reuters)