Oil reserve discovered in the North Sea: when will the new field begin production?

Norway's Equinor announced the discovery of a new oil and gas reserve in the North Sea.

Ambassador Arjan: The Norwegian company Equinor announced the discovery of a new oil and gas reserve in the North Sea.

Referring to the discovery of oil and gas reserves near Osberg field in the North Sea, Petoro and Total Energy companies announced on Wednesday (October 22) that they intend to quickly implement the development plan of this field using the existing infrastructure.

Equinor Company, which implements this project, announced that based on initial estimates, the volume of reserves discovered in the "Grimsens" field is between 19 and 50 million barrels of oil equivalent.

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This reserve is located in the Osberg region, about 145 kilometers (90 miles) west of Bergen and near the fields under the management of Equinor, namely "South Osberg" and "Tion".

Companies operating in Norway are trying to extend the life of old oil and gas fields by exploring reserves near this area that have the ability to connect to current platforms.

"We intend to quickly connect this new field to the existing subsea facilities and produce it through the South Osberg platform," said Farodeh Skarstein, Equinor's senior vice president, in a statement.

Equinor plans to make a decision on investment in this project by next summer with the cooperation of its partners and start production operations within three years.