Equinor strengthens North Sea portfolio with Ringand discovery

Equinor has announced a significant oil and gas discovery near the Troll field in the North Sea, approximately 17 kilometres west of the field. Named Ringand, the discovery is estimated to hold between 2 and 12 million barrels of oil equivalent, consisting of both oil and gas. Although modest in scale, this latest Troll field discovery is a key part of Equinor’s broader strategy for expanding North Sea exploration.

Geir Sørtveit, senior vice president for Exploration & Production West in Norway, emphasised the importance of this Ringand oil discovery. While the discovery might not be commercially viable on its own, Sørtveit highlighted its strategic location near existing infrastructure. He noted that future North Sea exploration efforts in the area could lead to additional discoveries, making it possible to combine resources to maximise efficiency and profitability. This approach reflects Equinor’s commitment to sustainable development on the Norwegian continental shelf.

The Ringand oil discovery was made through exploration well 31/1-4, drilled under production licence 923/923B. The drilling operation was conducted using the Deepsea Atlantic rig. Equinor holds a 60% stake in the licence, with DNO Norge and Petoro each holding 20%.

Exploration’s Role in Sustaining Economic Growth

Equinor’s exploration activities continue to be a cornerstone of economic activity on the Norwegian continental shelf. In 2023, Equinor exploration activities created over 4,000 person-years of employment, underlining the sector’s economic significance. Across all of Equinor’s operations, including field management, exploration, and development projects, the company contributed more than 80,000 person-years of employment in the same year.

The Troll field, where this latest Troll field discovery occurred, is among the most critical resources on the Norwegian continental shelf. Known as the cornerstone of Norway’s gas production, it holds approximately 40% of total gas reserves in the region. Beyond its prominence in gas, the Troll field is also a major contributor to oil production, with daily outputs exceeding 400,000 barrels in 2002.

Long-Term Potential and Infrastructure

Equinor operates the Troll A, B, and C platforms, as well as the associated landfall pipelines. Gassco manages the Kollsnes gas processing plant on behalf of Gassled, with Equinor acting as the technical service provider for these operations. The Troll field’s vast gas reservoirs, located 1,400 metres below sea level, are expected to remain productive for at least another 70 years, solidifying its role in Norway’s energy future.

The Ringand oil discovery illustrates how smaller finds can add significant value when integrated into existing infrastructure. Although this discovery alone is not expected to be commercially viable, it fits into Equinor’s strategic approach of combining smaller fields to optimise resource utilisation. As the company continues its North Sea exploration initiatives, further discoveries could enhance the overall viability of projects in the region.

Equinor’s sustained focus on oil and gas development on the Norwegian continental shelf ensures that Norway remains a global leader in energy production. This latest Troll field discovery serves as a testament to the untapped potential that still exists in mature areas like the Troll field and its surrounding regions.