Equinor receives approval for Troll phase 3 development

The Ministry of Petroleum and Energy has approved the plan for development and operation (PDO) of the Troll Phase 3 development. Capital expenditures of NOK 7.8bn will help extend the productive life of the Troll field beyond 2050.

As a unique oil and gas field globally Troll is highly important in value for the Norwegian society. Since it came on stream in 1995 the field has generated an estimated NOK 1400bn, i.e. NOK 175M per day.

“With a break-even of less than USD 10 per barrel, Troll Phase 3 is one of the most profitable and resilient projects ever in our company. Thanks to the PDO approval, Equinor and its partners can now deliver another 2.2 billion barrels of oil equivalent from the field with a CO2 intensity of 0.1 kilo per barrel,â€? says Torger Rød, Equinor’s senior vice president for project management.

“Equinor will work closely with partners and suppliers planning start-up of the field in the first half of 2021,â€? says Rød.

The partnership has awarded contracts within marine installations and subsea facilities, totalling an estimated NOK 950M to the companies Nexans, Deep Ocean, IKM, Allseas and Marubeni. In addition, the partnership has awarded contracts worth approximately NOK 2bn for subsea facilities and the construction of a new processing module on the Troll A platform to Aker Solutions.

The Troll partners are Equinor (30.58%), Petoro (56%), Norske Shell (8.10%), Total E&P Norge (3.69%) and ConocoPhillips Skandinavia (1.62%).

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