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Equinor Marks 5,000 Gullfaks Cargoes as North Sea Field Extends Lifespan

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Equinor (EQNR) completed shipment of oil cargo number 5,000 from the Gullfaks field in the North Sea, marking nearly four decades of production and exports to Europe, the company said Tuesday.

Production at Gullfaks began in 1986 with an original operating target through 2007, but the field continues to supply weekly crude cargoes to international buyers nearly two decades later.

The field has produced about 2.8 billion barrels of oil equivalent, almost double the company's initial estimate.

The Gullfaks field also handles export volumes from the Snorre and Visund fields, along with several subsea developments.

Gullfaks crude carries low sulfur content and light oil characteristics, allowing refiners to produce gasoline, diesel, jet fuel, liquefied petroleum gas and naphtha for petrochemical manufacturing.

Equinor delivers Gullfaks crude to refineries in Sweden, the UK and Poland, while some shipments also move to the company's Mongstad refinery in Norway, according to the company.

The company transports crude through shuttle tankers designed to carry about 800,000 barrels of oil per voyage between the Norwegian continental shelf and European customers.

"Together, we deliver highly reliable logistics that enable oil to be transported quickly and safely from the Norwegian continental shelf to our customers," said Heidi Aakre, Equinor's head of shipping.

Price: $38.30, Change: $+0.08, Percent Change: +0.21%

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