Equinor and OMV have signed two memorandums of understanding (MoU) to cooperate on both the Wisting development in the Barents Sea and the concept development for the Hades/Iris discovery in the Norwegian Sea.
As development operator, Equinor will lead project development. In an integrated project organization, OMV personnel will have leading positions within subsurface work, drilling operations and activities related to the operating phase.
“It is important for us to create value and maintain activity on the Norwegian continental shelf for many decades ahead, in close cooperation with other players,” said Arne Sigve Nylund, Equinor’s executive vice president for Development and Production Norway.
The Hades/Iris discovery (PL 644/B/C) is located on Haltenbanken close to the Equinor-operated Morvin, Kristin, Heidrun and Åsgard fields. The gas and condensate discovery was made in 2018, and preliminary estimates indicate a discovery in the range of 40 to 245 million barrels of oil equivalent. Licensees include OMV (30%), Equinor (40%), DNO (20%) and Spirit Energy (10%).
The MoU calls for the companies to cooperate on finding the best solution for development and tie-in of Hades/Iris to the existing infrastructure. According to the agreement OMV will continue as operator.
“This kind of cooperation is a competitive force of the NCS,” Nylund said.
“Close cooperation between the largest owners of these two licences is based on the expertise of both companies, and these agreements will enhance diversity on the NCS. We will share knowledge and ensure continuity in these projects,” said Johann Pleininger, executive board member responsible for Upstream in OMV.
Formal transfer of the Wisting operatorship is scheduled for the third quarter of this year and is subject to approval by Norwegian authorities.
The Wisting discovery (PL 537) was made in 2013. Volumes are estimated at 440 million barrels of oil. Licensees include OMV (25%), Equinor (35%), Petoro (20%) and Idemitsu Petroleum (20%).
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