Equinor Announced Oil Discovery in the Arctic Barents Sea

SEATTLE (Oil Monster): Equinor has made an oil discovery in the Johan Castberg area in the Arctic Sea Barents Sea. The company has struck oil in exploration well 7720/7-DD-1H, Drivis Tubaen, in the Drivis structure. As per preliminary estimates, the size of the discovery is around 9-15 million barrels oil.

The new oil discovery, which can provide additional reserves for the field, has been made only a short time after Johan Castberg came on stream and is producing at full capacity. Between 450 million and 650 million barrels of oil are thought to be present in the Johan Castberg volume base. According to Grete Birgitte Haaland, senior vice president for Exploration & Production North at Equinor, the business wants to boost reserves by an extra 250–550 million barrels.

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To reach the goal, Equinor intends to have six additional oil recovery wells and ongoing oil exploration activities. According to Grete, it plans to develop Isflak as a quick field expansion at the same time, with a targeted start-up in 2028.

The oil was discovered in 345 meters of water in a new section known as the Tubaen deposit, which is 1769 meters below the seabed. By the middle of June, the field had plateaued and was now generating close to 220,000 barrels of oil per day.