Norwegian energy firm Equinor said it will take over as operator for the development of the Wisting license in the Barents Sea as of December 1. Austrian partner OMV will later assume the operator role for the operation phase.
In June, the two companies signed a memorandum of understanding (MoU) to cooperate on the Wisting development in the Barents Sea. Now the parties have agreed on the final cooperation agreement, which has been approved by Norwegian authorities.
The Wisting discovery (PL 537) was made in 2013, and volumes are estimated at 440 million barrels of oil.
Equinor and OMV hold 35% and 25% stakes respectively and partners Petoro and Idemitsu Petroleum each hold 20%.
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