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Finance

Equinor makes gas discovery in Norwegian Sea, plans development

Published by Global Banking and Finance Review

Posted on March 5, 2025

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OSLO (Reuters) - Equinor and its partners have made a gas and condensate discovery in the Mistral South exploration well in the Halten area of the Norwegian Sea, and plan to develop the resources, the state-controlled company said on Wednesday.

Preliminary estimates indicate that the discovery holds recoverable reserves of between 19 million and 44 million barrels of oil equivalent, Equinor said in a statement.

"The licensees' assessment is that this is a commercial discovery, and they will consider tie-back to existing infrastructure or development together with other discoveries in the area," the company said.

Equinor holds a 50% stake in the exploration permit while Okea and Pandion each hold 20% and DNO holds 10%.

Mistral is a candidate for a quick development via a tieback to Equinor's ongoing Lavrans subsea development, DNO said in a separate statement.

"Given the good reservoir properties, the discovery likely allows for simplified development solutions," DNO said.

(Reporting by Terje Solsvik, Editing by Louise Heavens)