Equinor and partners Vår Energi and Petoro have struck oil in exploration well 7220/7-4 in production licence 532 in the Barents Sea, about 10 kilometres southwest from the Johan Castberg field. Vår Energi holds 30% of the license.
Recoverable resources are so far estimated at 31 – 50 million barrels of recoverable oil. Further development of the discovery towards the planned infrastructure for the Johan Castberg field will be considered at a later stage. The proven resources may thus generate important additional value and tax revenues for society from the Johan Castberg field.
This is the eleventh exploration well in production licence 532, which is operated by Equinor. The licence was awarded in the 20th licensing round in 2009.