Equinor and its partners have agreed to invest US$1.11bn in the further development of the Oseberg oil field in the North Sea of Norway.
Located in the northern part of the North Sea, the offshore oil field has been producing since 1988.
Equinor stated that further development will turn the oil field into an important gas producer by tapping the vast remaining gas resources.
Furthermore, the partners will work to reduce CO2 emissions from the Oseberg Oilfield Centre and Oseberg South Platform.
Equinor is the operator of the Oseberg licence and owns 49.3% of the shares. Its partners include Petoro (33.6%), TotalEnergies EP Norge (14.7%), ConocoPhillips Skandinavia (2.4%).
Currently, the offshore oil field is expected to produce nearly 3.2bn barrels of oil.
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