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Equinor Starts Eirin Field, Boosts European Gas Supply

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Equinor (EQNR) has brought the Eirin field online, unlocking about 27.6 million barrels of oil equivalent in recoverable resources, mainly gas, to support European supply, the company said in a Tuesday statement.

The company is exporting gas from Eirin through the Gina Krog and Sleipner A platforms in the North Sea, strengthening flows from Norway to Europe, Equinor said.

Equinor developed the subsea field in about three years from project launch to production start, the company noted.

The company discovered Eirin in 1978 but shelved the project due to weak economics, then reassessed the field in 2023 as demand for Norwegian gas increased after Russia's invasion of Ukraine, it said.

Equinor invested about 4.5 billion Norwegian kroner ($486.5 million) to develop the field, tying the subsea facility back to the Gina Krog platform and exporting gas via the Sleipner hub.

The project will extend the Gina Krog platform's operational life to 2036 from 2029, supporting continued production and preserving associated jobs.

Equinor electrified the Gina Krog platform in 2023, enabling low emissions from Eirin, with a carbon intensity of about 3 kilograms of CO2 per barrel of oil equivalent produced.

"The partnership saw an opportunity to contribute to Europe's energy security in a challenging time. We made an ambitious plan for a fast, cost effective and safe development," Linda Kada Hoiland, senior vice president at Equinor, said.

"Eirin will extend production from the Gina Krog platform by seven years," Hoiland said, adding that the project will deliver gas to Europe while supporting value creation and jobs linked to the asset.

Price: $41.57, Change: $+0.25, Percent Change: +0.61%

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