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Equinor Makes Oil Discovery in Barents Sea

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Equinor (EQNR), along with its partners, has made a new oil discovery in the Skrugard North Tubaen, located in the Barents Sea, according to the Norwegian Offshore Directorate.

The discovery is pegged at between 1.2 million and 1.7 million standard cubic meters of recoverable oil equivalent, or between 7.6 million and 10.5 million barrels of oil equivalent, according to preliminary estimates.

The discovery was made about 6 kilometers (3.73 miles) north of the Johan Castberg field, around 240 kilometers northwest of Hammerfest, Norway. The license partners are assessing whether the discovery can be tied back to the Johan Castberg production hub to maximize its efficiencies through pre-existing infrastructure.

The discovery marks the 17th exploration well drilled under production license 532, awarded during Norway's 20th licensing round in 2009.

The license is operated by Equinor in partnership with Var Energie and and Petoro, while the well was drilled by the Transocean Enabler rig.

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