Norway oil firms plan major new offshore field development

The Krafla, Fulla and North of Alvheim area, estimated to contain more than 500 million barrels of oil equivalent, will be subject to joint investment, with construction of platforms and equipment expected to begin in 2022. (File/AFP)

• The companies did not present a start-up date for production or a cost estimate for the field

OSLO: Equinor and Aker BP have struck a deal on how to proceed with investment in one of the largest undeveloped oil and gas reserves off the coast of Norway, the companies said in a statement on Thursday.
The Krafla, Fulla and North of Alvheim area, estimated to contain more than 500 million barrels of oil equivalent, will be subject to joint investment, with construction of platforms and equipment expected to begin in 2022.
The companies, which have long been gridlocked over the development, did not present a start-up date for production or a cost estimate for the field.