The Norwegian government has approved Equinor's plan for the development and operation of the Breidablikk field in the North Sea, off Norway.
Equinor estimates it will take around NOK 18.6 billion (around $2,17 billion) to develop the field. Production from the field is scheduled to start in the first half of 2024.
Equinor and its partners Petoro, Vår Energi, and ConocoPhillips Skandinavia, filed the development plans for the area to the authorities in September 2020. The estimated recovery from the field is around 200 million barrels of oil.
"The development of one of the largest undeveloped oil discoveries on the Norwegian continental shelf (NCS) will create substantial value for Norwegian society and the owners, while securing high activity and jobs for many years ahead,” says Arne Sigve Nylund, Equinor’s executive vice president for Projects, Drilling and Procurement.
Equinor said that 70% of the value creation in the development phase goes to Norwegian companies, and contracts totaling NOK 8 billion ($934,4 million) have already been awarded to companies in Norway.
The Breidablikk development will include a subsea solution of 23 oil-producing wells from four subsea templates. The field will be tied back to the Grane platform for processing before the oil is piped to the Sture terminal. The production will be monitored by digital tools from Equinor’s integrated operations center at Sandsli.
“There are still large resources left in the ground and we have a world-class infrastructure on the NCS. The Breidablikk development shows how a competent Norwegian petroleum industry keeps developing innovative, cost-effective and future-oriented solutions with good social economy,” says Kjetil Hove, Equinor’s executive vice president for Exploration and Production Norway.