Equinor uncovers significant oil and gas reserves near Fram field in North Sea

Equinor has made a major oil and gas discovery near the Fram field in the North Sea, with reserves estimated between 13 and 28 million barrels of oil equivalent (boe). The discovery, located approximately 10 kilometres north of the Troll field, was made on the Rhombi prospect and is being hailed as a crucial find in one of the company’s core operational areas.

The exploration, which included a main well and a sidetrack, encountered petroleum in both trajectories, with slightly more than half of the reserves consisting of natural gas. Equinor’s senior vice president for Exploration & Production West in Norway, Geir Sørtveit, described the find as an exciting addition to the company’s portfolio, noting that the area benefits from well-established infrastructure for oil and gas development. He highlighted Equinor’s commitment to ensuring that the discovery is developed efficiently to maximise profitability, ensure resource optimisation, and maintain low carbon emissions.

This marks the first major discovery in the North Sea for 2024, following a period of steady exploration successes in recent years. Between 2018 and 2023, a total of 12 discoveries were made in this part of the North Sea. Equinor and its partners are now exploring options to tie the new discovery into existing infrastructure, which could significantly streamline development timelines and enhance the sustainability of operations.

The drilling operation was carried out using the Deepsea Atlantic semi-submersible rig, a highly advanced platform capable of handling complex offshore projects. The license for the project is held by a consortium led by Equinor Energy AS, which owns a 45% stake. Vår Energi ASA holds 40%, while INPEX Idemitsu Norge AS controls the remaining 15%. This collaboration reflects the strategic partnerships often seen in offshore exploration, where pooling expertise and resources is essential for success.

Energy industry analysts have noted that this discovery underscores the continued viability of the North Sea as a major production hub for oil and gas. With extensive infrastructure already in place, such as pipelines and processing facilities, the region offers opportunities for cost-efficient and environmentally conscious resource extraction. Sørtveit emphasised that Equinor’s focus remains on sustainable development practices while maintaining strong profitability in the region.

The North Sea has been a cornerstone of Equinor’s exploration and production strategy for decades. While some areas are considered mature, the discovery highlights the untapped potential that remains in previously explored zones. As Europe continues to face energy challenges, developments such as this signal the region’s importance in bolstering energy security.

Equinor’s discovery near the Fram field represents a promising start to 2024, reaffirming the strategic importance of the North Sea and setting the stage for further exploration and development activities in the coming year.