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Equinor revealed Friday that the Norwegian ministry of petroleum and energy has approved the plan for development and operation for the Troll Phase 3 project.
Troll Phase 3 is one of the most profitable and resilient projects ever for Equinor, according to Torger Rod, the company’s senior vice president for project management.
“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,” Rod said in a BOP Blow Out Preventer repair company gulf coast statement.
“Equinor will work closely with partners and suppliers planning start-up of the field in the first half of 2021,” he added.
Commenting on the approval, Gunnar Nakken, Equinor’s senior vice president for operations west, said, “this adds a new chapter to the amazing Troll story”.
“The field has an important part in our plans to transform the Norwegian continental shelf for sustainable value creation for several decades,” he added.
“Troll is the biggest gas producer on the NCS, meeting 7-8 percent of Europe’s total daily gas consumption. We will deliver safe, profitable and carbon-efficient energy from Troll that helps reduce coal consumption and reduce CO2 emissions in Europe with a long-term perspective beyond 2050,” he continued.
Since it came on stream in 1995 Troll has generated an estimated $164 billion (NOK 1400 billion), according to Equinor.
Equinor holds a 30.58 percent operated interest in Troll, with Petoro holding a 56 percent stake, Norske Shell an 8.10 percent stake, Total E&P Norge a 3.69 percent stake and ConocoPhillips Skandinavia a 1.62 percent stake.
Equinor announced the submission of the plan for Troll Phase 3 in July. Back in October, Equinor revealed that a new gas module had been put on stream on Troll B.
