Norway Green Lights Gullfaks Boost

June 14, 2019

(Photo: Ole Jørgen Bratland / Equinor)
(Photo: Ole Jørgen Bratland / Equinor)

Norway has approved Equinor's project to boost oil recovery from the Gullfaks field in the North Sea by 17 million barrels, the energy ministry said on Friday.

The project, which aims to produce oil from the Shetland/Lista dense lime reservoir located above the field's main reservoir, is estimated to cost 2.2 billion Norwegian crowns ($254 million) and is profitable at an oil price above $27 a barrel, it added in a statement.

Equinor, the field's operator, has a 51% stake, state-owned Petoro 30% and OMV 19$.


($1 = 8.6767 Norwegian crowns) 

(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)



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