Drilling-efficiency improvement and other cost-cutting measures have trimmed investment need for oil and gas fields Equinor is developing on the Norwegian continental shelf by 30 billion kroner ($4 billion) from original estimates.
The reduction is part of the government’s national budget proposal for 2019. It’s based on investments projected in development plans submitted to authorities for fields Equinor operates.
“The improvements have been achieved in close collaboration with our partners and suppliers and are mainly a result of increased drilling efficiency, simplification, and high-quality project implementation,” said Margareth Ovrum, executive vice-president for technology, projects, and drilling.
“These figures also include the market effect we have achieved by countercyclical investments.”
Oil and gas fields operated by Equinor and included in the national budget are Aasta Hansteen, Bauge, Johan Castberg, Johan Sverdrup Phase 1, Martin Linge, Njord Future, Oseberg Vestflanken 2, Snorre Expansion, Trestakk, and Utgard.
