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Equinor looks for to revive expensive Norway, Canada oil prospects

Equinor has actually signed a. longterm handle engineering companies to assist drive down the. cost of establishing two overseas oil discoveries that were. previously held off, the Norwegian energy group stated on. Thursday.

The contract with the Subsea Integration Alliance, an. oilfield services group making up Subsea7 and. OneSubsea, could help restore strategies to establish Norway's Wisting. field and Canada's Bay du Nord, potentially opening around one. billion barrels of oil.

Selecting the provider at this early stage is a brand-new method of. approaching project advancement for us, Equinor job. advancement head Trond Bokn said in a joint declaration with. Subsea7.

We eagerly anticipate develop concepts together, in a procedure. with full visibility on profitability, and joint efforts to make. these tough tasks sanctionable, he included.

Wisting and Bay du Nord were both discovered more than a. decade ago and are believed to contain about 500 million barrels. of oil each, Equinor has said.

Both jobs deal with opposition from environmentalists who state. the scheduled production positions a danger to vulnerable eco-systems. which the oil's ultimate usage will add to climate. modification.

Equinor announced in 2021 plans to invest $8.8 billion to. develop the Arctic Wisting discovery which would have made it. the world's northern most oilfield, but postponed the project the. following year as expense projections swelled.

Bay du Nord, situated in the Flemish Pass offshore. Newfoundland, has actually gotten the support of Canada's federal government,. but Equinor in 2015 postponed it by three years, citing. soaring costs.

Still, the Norwegian operator has stated it wished to. eventually establish the field, and late in 2015 exposed strategies. for more drilling at Bay du Nord.

Equinor holds a 60% stake in the Canadian discovery while BP. owns 40%.

Equinor and Aker BP have 35% stakes each in Wisting, while. Norway's Petoro has 20% and Japan's Inpex Idemitsu 10%.

(source: Reuters)