Norway's Equinor to Jointly Develop 2.8 Billion Barrels of Oil Equivalent of Tight Oil and Gas Resources

en.Wedoany.com Reported - On October 26, Norwegian energy company Equinor and Aker BP announced a strategic partnership to jointly advance the development of tight oil and gas reservoirs on the Norwegian Continental Shelf. The two parties plan to integrate exploration targets, discovered resources, and projects awaiting development within their respective asset portfolios, and to jointly carry out research and development of well stimulation technologies, engineering standardization, and optimization of development plans. The Norwegian Offshore Directorate estimates that the potential recoverable resources in identified tight reservoirs in the area amount to approximately 2.8 billion barrels of oil equivalent.

There are currently about 90 oil and gas discoveries on the Norwegian Continental Shelf that have not yet received development decisions, many of which are located in low-permeability reservoirs. Oil and gas flow slowly in these reservoirs, and the proportion of resources that can be recovered using conventional production methods is limited; some discoveries are difficult to bring into commercial production through the construction of standalone development facilities. The Norwegian Offshore Directorate has previously encouraged relevant companies to strengthen joint development and expand the scale of technology application and project implementation.

Equinor and Aker BP will select resources suitable for joint research from their respective oil and gas assets, covering targets still in the exploration stage, discovered but yet-to-be-evaluated reserves, and development projects currently underway. The two companies will conduct technical exchanges on reservoir development plans, well stimulation measures, and engineering design standards, and will jointly determine priority research and development directions to promote the sharing of applicable technologies across multiple projects.

Project screening and technical research will be coordinated by a steering mechanism jointly established by the two companies, with personnel from specialized fields such as reservoir engineering, drilling, production technology, and project development forming joint working groups. The two parties also plan to consolidate the technical requirements of different projects to form a relatively stable development workload and attract oilfield service providers and equipment suppliers to participate in relevant technology development and engineering services. Aker BP stated that the joint work will commence immediately.