Equinor estimates Afrodite gas volumes are double initial projections
The latest in this situation
- The Norwegian Institute of Marine Research critiques Equinor's Wisting project plans, which are situated in the Barents Sea near Europe.
- Equinor signed a five-year agreement with Eneco to support reliable energy supply for Europe.
- Equinor raised the cost estimate for the Snøhvit Future project, which provides long-term energy supplies to Europe.
How it started
What happened
Equinor stated that the Afrodite gas discovery in the Norwegian North Sea may contain more than twice the volumes initially thought, following a new appraisal well. Recoverable gas and condensate volumes are now estimated at between 77 and 180 million barrels of oil equivalent. Separately, Equinor and its partners agreed on a development concept for Ringvei Vest, which is estimated to contribute 240 million barrels of oil equivalent.
From oilprice.com, rigzone.com
Why it matters
If development proceeds, gas from Afrodite could be sent via existing infrastructure to the European market. The Ringvei Vest project is one of the largest early-phase projects on the Norwegian Continental Shelf, supporting reliable energy supplies to Europe.
From oilprice.com, rigzone.com
Who's involved
- EquinorOperator of the Afrodite gas discovery and developer of Ringvei Vest
- EuropeMarket destination for gas supplied from the Norwegian North Sea
- NorwayCountry hosting the North Sea and Norwegian Continental Shelf operations
- Vår EnergiPartner in the Ringvei Vest development concept
- Aker BPPartner in the Ringvei Vest development concept
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- EuropeSpeculative
Europe might see stabilized market prices due to increased reliable energy supplies from the North Sea
- Equinor ASASpeculative
Equinor ASA could increase production targets through the Ringvei Vest development
- NorwaySpeculative
Norway could benefit from increased national energy production and resource utilization
- MongstadSpeculative
Mongstad might increase throughput capacity due to production from Ringvei Vest
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.- Eneco may benefit from Equinor's North Sea gas boostEneco's gas supply could benefit from Equinor's North Sea expansionLikely
- Vår Energi partners in major North Sea projectVår Energi may benefit from the Ringvei Vest development's resource contributionLikely
- Equinor's North Sea finds may increase GPFG fundingEquinor's North Sea discoveries could boost Norway's petroleum revenues and GPFG fundingLikely
- Aker BP could gain from major North Sea developmentAker BP may benefit from partnership in major North Sea projectPossible
How it developed
Newest first. Tap a step to see who reported it.- The Norwegian Institute of Marine Research critiques Equinor's Wisting project plans, which are situated in the Barents Sea near Europe.Sub-event
- Equinor signed a five-year agreement with Eneco to support reliable energy supply for Europe.Sub-event
- Equinor raised the cost estimate for the Snøhvit Future project, which provides long-term energy supplies to Europe.Sub-event
Equinor operates in the North Sea to supply Europe with reliable energy.1 source