July 3, 2018 / 5:08 AM / 9 months ago

Norway's Equinor submits $955 million Phase 3 development plan for Troll field

A logo of Equinor, formerly known as Statoil, is seen at the company's headquarters in Fornebu, Norway May 21, 2018. REUTERS/Nerijus Adomaitis

OSLO (Reuters) - Norwegian oil and gas firm Equinor (EQNR.OL) submitted on Tuesday a 7.8 billion crown ($954.46 million/726.99 million pounds) plan to develop gas reserves in the western part of its Troll field, the largest gas field off Norway.

The Nordic country is Europe’s top gas supplier after Russia, with gas exports from its Troll field estimated to account for 8 percent of the European Union’s total gas consumption.

Reserves of 2.2 billion barrels of oil equivalent will be produced by using subsea installations tied-in to the Troll A platform, which is about 25 kilometres (15.53 miles) north-west of the reserves, in the third phase of development, Equinor said in a statement.

“It has a break-even (price) of less than $10 per barrel,” said Margareth Oevrum, head of Equinor’s technology, projects and drilling.

Equinor holds a 30.58 percent stake in the Troll field, Petoro 56 percent, Shell (RDSa.L) 8.1 percent, Total (TOTF.PA) 3.69 percent and ConocoPhillips (COP.N) 1.62 percent.

Equinor said it would sign contracts on Tuesday with marine installations and subsea facilities totalling 750 million crowns with Allseas, Nexans (NEXS.PA) and Deep Ocean.

Editing by Subhranshu Sahu

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