Equinor announced they discovered oil during the Barents Sea Skruis exploration well.
The well is placed in the Johan Castberg license. Its recoverable oil counts to a volume of between 12 and 25 million barrels. Skruis is companies’ first exploration well in 2018 in the Barents Sea.
The Johan Castberg field contains between 450 and 650 million barrels of recoverable reserves. The company plans to start it up in 2022.
“The Skruis discovery confirms the potential in this part of the Barents Sea … The partners [Equinor, Eni, and Petoro] will now further consider tie-in of the discovery to Johan Castberg,” says a company statement.
Besides, Nick Ashton, Equinor’s senior vice president of exploration in Norway and the UK, claims that the discovery helps to determine the size of the Johan Castberg resource base which is currently under development.
“We still have three Equinor-operated wells and one partner-operated well left to drill in the Barents Sea. We also have a good portfolio for the next couple of years. Together with the wells we drilled in 2017, this will help clarify the potential in the remaining part of the Barents Sea,” Ashton continued.
Equinor had completed 15 exploration wells earlier this year with seven commercial discoveries. The exploration expenses decreased to $239 million in contrast to $416 million during the same quarter of 2017.