Equinor And Partners Plan More Gas For Europe With Almost NOK15B Investment In Arctic Gas Field

  • Equinor ASA EQNR and its partners would invest NOK 14.8 billion in developing the Irpa gas discovery in the Norwegian Sea.
  • The development will ensure activity and stable gas deliveries from Aasta Hansteen until 2039.
  • Expected recoverable gas resources are estimated at approximately 20 billion standard cubic meters, equivalent to 124 million b.o.e. or the consumption of nearly 2.4 million British households over seven years.
  • The gas will be phased into existing infrastructure over Aasta Hansteen and transported to the Nyhamna gas processing plant via Polarled. From there, gas will be transported via the Langeled pipeline system to customers in the U.K. and continental Europe.
  • The development plan showed that production is expected to start in the fourth quarter of 2026 and last until 2039.
  • There will be joint production from Irpa and Aasta Hansteen through 2031, and then Irpa will continue to produce until 2039.
  • Equinor, the field's operator, has a 51% stake in the Irpa license, with state-owned Petoro holding 20%, Wintershall Dea at 19%, and Shell plc SHEL with 10%.
  • Price Action: EQNR shares are up 3.75% at $35.01 during the premarket session on the last check Tuesday.
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