Equinor to Invest $2.1 Billion in North Sea Fram Sør Subsea Development
Norwegian energy major Equinor has announced plans to invest more than NOK 21bn ($2.1bn) in the North Sea Fram Sør subsea development project. This project represents a combined development of several discoveries that will export oil and gas via the Troll C platform, with estimated recoverable volumes of 116m barrels of oil equivalent, comprising 75% oil and 25% gas. Production is expected to commence by the end of 2029.
One of the key highlights of the Fram Sør development is its low CO2 intensity, estimated at 0.5 kg of CO2 per barrel of oil equivalent, significantly lower than the NCS average of 8 kg. This underscores Equinor’s commitment to sustainability and reducing carbon emissions.
The field development will also feature all-electric Christmas trees, a first on the NCS, which will eliminate the need for hydraulic fluid supplied from the platform and enhance monitoring capabilities of the subsea equipment, further demonstrating Equinor’s focus on innovation and efficiency.
Kjetil Hove, Equinor’s EVP for exploration and production in Norway, stated, “We have a large portfolio of projects that will phase in discoveries to our producing fields. Equinor expects to put more than 50 such projects on stream by 2035.” This ambitious vision underscores Equinor’s long-term commitment to sustainable energy development.
The Fram Sør investments are expected to create 4,500 full-time jobs in Norway during the development period, with most suppliers being Norwegian. However, some construction activities will take place abroad, with contracts valued at approximately NOK 18bn ($1.8bn) in total.
Equinor operates the Fram field with a 45% stake, while partners Vår Energi and Inpex hold 40% and 15% respectively. This collaborative effort highlights the importance of partnerships in driving successful energy projects in the region.