Equinor to invest up to US$4.2bn in NOAKA project

Equinor to invest up to US$4.2bn in NOAKA project

01 Nov 2021

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.

For more information, please visit EICDataStream.

Read more from Industry News
RWE wins concession for offshore wind project in Denmark
Read More
ABB to help decarbonise district heat supply in Denmark
Read More
Saudi Aramco awards contracts for Jafurah gas field development
Read More

Newsletter Sign Up

As a non-member, you can sign up for the EICOnline weekly bulletin free of charge. EIC Online delivers industry news direct to your mailbox. Subscribe here for the EIC’s free weekly newsletter.

First Name
Last Name
Company Name
Work Email
Job Title
Areas of Interest