Equinor plans to invest between US$3bn and US$4.2bn in the development of the Krafla, Fulla and North of Alvheim projects (NOAKA projects) in the Norwegian North Sea.
According to Reuters, the NOAKA project is scheduled to start production in 2027 and will become the largest oil and gas development project in Norwegian waters since the Johan Sverdrup oil field was launched in 2019.
Last week, Aker BP, another partner of the project, stated that a development concept has been selected, which will facilitate an upgraded resource estimate of 600 million barrels of oil equivalent (mmboe). The previous resource estimate was over 500mmboe.
The NOAKA project, which is located between the Oseberg and Alvheim fields, is expected to get over US$10bn in investment.
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