Boosting production, the three new wells will represent net earnings that at current prices will create value of a total of NOK 18 billion.

Longer life and prospects for Fram
 Discovered in 1990, the Fram field came on stream in 2003. Since then, the field has yielded a good return with total earnings of NOK 110 billion. The field life was originally estimated to last until 2023, and the licence period will expire in 2024. The new wells will extend field production to 2030 or longer, and may be extended further by the development plans for the area.

New seismic data of the Fram area have been gathered, and Equinor and the partners are currently working on identifying new exploration opportunities and carrying out quality assurance of existing prospects.

Since the field will have profitable production far beyond the original plans and the licence period awarded by the authorities, the Fram partners have applied to the Ministry of Petroleum and Energy for extending the licence period to 2040.

'By developing the Fram field we will almost double the remaining recoverable reserves and extend the life of the Fram installations. It is a great story that has been realized by a holistic development of resources close to our existing infrastructure, involving both authorities and owners of several licences,' says Nakken.

Scheduled to start at the turn of the year 2018/2019, drilling of the three wells will take around one year.

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Equinor ASA published this content on 25 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 May 2018 06:02:03 UTC