Equinor and Partners Launch Norwegian Continental Shelf Exploration Pact

Equinor, Aker BP, and Var Energi announced a strategic exploration collaboration on Monday to identify major new oil and gas discoveries on the Norwegian continental shelf. The partnership pools data, technology, and expertise to manage the high geological uncertainty and investment costs associated with the region's largest remaining opportunities.

The companies intend to evaluate a portfolio of 20 to 25 exploration opportunities over the next four to five years, with a target of drilling approximately five exploration wells annually. This initiative seeks to secure future energy supplies for Europe and sustain the Norwegian supplier industry.

The collaboration comes as production on the continental shelf is projected to decline after 2035 without new developments. The partners aim to share risk and combine capabilities to pursue more complex opportunities than they could individually.