Equinor discovers oil in the North Sea and looks to rapid development

Equinor, a state-controlled Norwegian operator, and its partners have discovered oil near the Snorre field in the North Sea and plan to develop the reserves "rapidly and efficiently".

Norway's Offshore Directorate, or NOD, has separately stated that preliminary estimates place the size of this discovery, called "Omega-South Alfa," between 25 and 89 million barrels of recoverable equivalent oil.

This would be Equinor's medium-sized discovery.

Norwegian companies are looking for ways to extend the lifespan of their oil and gas fields. They do this by searching for nearby reserves which can be connected to existing platforms.

Equinor Senior Vice-President Erik Gustav Kirkemo said in a press release that "the new discovery will be quickly tied back to existing subsea installations and produced through the Snorre A Platform."

He added that "since most of the infrastructure has already been paid for, these barrels are competitive."

Equinor reports that Norway is responsible for around 20% of Europe's demand for oil and 30% of its gas.

The "Omega South Alfa?"licence is operated by Equinor, but Harbour?Energy and Vaar Energi are also shareholders. Terje Solsvik is the reporter. (Editing by Anna Ringstrom, Mark Potter and Mark Potter).

(source: Reuters)