Equinor, the Norwegian state oil giant, has received a drilling permit for operations in the North Sea in the Norwegian Continental Shelf (NCS) area. This operation will be carried out using the semi-submersible rig owned by COSL Drilling Europe.
Details of the Drilling Permit
The Norwegian Maritime Authority has granted Equinor a drilling permit for well 25/9-5 S under production license 1042. This permit is valid from February 14, 2020, to November 14, 2029. Equinor is the operator of this license with a 30 percent share, while its partners, Aker BP and Vår Energi, hold 40 and 30 percent shares, respectively.
Read more: Iranian tanker loaded oil cargo amid sanctions
Drilling Timeline and Planning
Drilling operations at well 25/9-5 S are expected to commence in November 2026. Equinor has reserved the COSL Innovator rig for a two-year contract starting in the second half of 2025. This contract also includes options for three additional years.
The semi-submersible rig COSL Innovator, built in 2012, is capable of operations in water depths of up to 750 meters. Last month, Equinor and Aker BP successfully discovered gas/condensate in the Norwegian sector of the North Sea using this same semi-submersible rig.
Given the recent developments in the oil and gas industry and the importance of new drilling in resource-rich areas, the receipt of this permit by Equinor signifies the company's commitment to developing exploratory and production activities in the North Sea. This operation could help increase production and strengthen Norway's strategic position in the global energy market.
Read more: Super tanker Algaya exploded in the Strait of Hormuz after hitting a mine · Saudi Arabia turns to the Strait of Hormuz after the east-west pipeline fails
