Equinor to develop gas reserves and cut CO2 emissions from Oseberg

Equinor to develop gas reserves and cut CO2 emissions from Oseberg

Norway-based energy company, Equinor has reportedly submitted plans to develop one of the largest oils producing fields on the NCS (Norwegian Continental Shelf) whilst further reducing CO2 emissions.

Operated by Equinor, the Oseberg field is ranked at third position globally for producing oil on the NCS. Although oil production from the field is in its tail phase, around 60% of the gas resources are still within the ground.

Oseberg is one of the key fields in the world, with only Snøhvit and Troll having more remaining gas resources on the NCS.

According to sources, around $1.1 billion will be invested by Equinor to install two new compressors that will enhance recoverable gas volumes.

Furthermore, the financing will be directed towards moderately electrifying the Oseberg South platform and Oseberg Field Centre. The work on the platforms will witness three modules, totaling installation of 3,400 tonnes.

Estimates are made that around four years will be required for rebuilding the Oseberg Field Centre, and around one year for Oseberg South. This will be done when the plants are in full operation.

Reportedly, Oseberg's emissions totaled at 1 million tonnes of CO2 for the year 2020. The emissions at Oseberg have lowered to approximately 15%, and its project partners and Equinor plans to further lower the emissions to 50%-70% by 2030, with new electrifications and compressors from shore.

Geir Sørtveit, Equinor's Senior Vice President for Exploration And Production West, said that with this investment, they would bring up a new chapter in the story of Oseberg, which is all set to become one of the main gas producers of Norwegian.

As per their expectations, Oseberg will be producing more than 100 billon sm3 of gas by 2040. In terms of energy, the yearly gas export from the Oseberg will be equivalent to a quarter of all Norwegian hydropower.

Source Credit - https://splash247.com/equinor-makes-1-1bn-move-to-develop-gas-reserves-and-slash-emissions-from-oseberg/