Equinor and its partners have discovered oil in the Snorre area in the Norwegian North Sea with a preliminary volume estimated between 25 and 89 mboe (Equinor press release, 02/03/2026). The discovery is expected to extend the lifetime of oil fields already in operation in its proximities and, according to the senior vice president for the Southern Area in Exploration & Production Norway “the new discovery will be tied back quickly to existing subsea facilities and produced through the Snorre A platform,” allowing the barrels to keep a competitive price.
The company also presented Omega South, a pilot program for “a new, faster and more cost-efficient approach to developing subsea fields” within the Norwegian continental shelf, consisting of planning field development prior to discovery, fast-tracking production to just two to three years after discovery, reducing costs and enabling a faster start-up. This was used in the recent Snorre Expansion Project, started in 2020 to increase the production of the Snorre field which has been producing since 1992. As a result, the field has increased its production by 200 mbl and extended its lifetime beyond 2040.
Equinor aims to maintain its production level at about 1.2 mboe/d of oil and gas in 2035, the same it had in 2020. To do so, the company plans to supply it from new wells and developments, and it also expects to drill 250 exploration wells.