Oil Discovery Near the Johan Castberg Field in the Barents Sea

Equinor and partners Vår Energi and Petoro have struck oil in exploration well 7220/7-4 in production licence 532 in the Barents Sea. Recoverable resources are so far estimated at between 5 and 8 million standard cubic metres of recoverable oil, corresponding to 31 – 50 million barrels of recoverable oil.

“Succeeding in the Barents Sea requires perseverance and a long-term perspective. This discovery strengthens our belief in the opportunities that exist, not least around the Castberg, Wisting, Snøhvit and Goliat areas,” says Nick Ashton, Equinor’s senior vice president for exploration in Norway.

The well was drilled about 10 kilometres southwest from the well 7220/8-1 on the Johan Castberg field, and 210 kilometres northwest of Hammerfest.

Equinor has been active in the Barents Sea since it was opened more than forty years ago. Exploration well 7220/7-4 is the first of four planned exploration wells for Equinor in the Barents Sea this year (as operator or partner).

“Equinor has been developing strong specialist communities for exploration, development and operations in Harstad and Hammerfest over many years. The follow-up of this discovery may strengthen this work,” says Ashton.