Equinor Secures Drilling Permit for Exploration Well in Barents Sea

Norwegian state-owned oil and gas giant Equinor has recently obtained a drilling permit for an exploration well in the Barents Sea, located off the coast of Norway. The drilling operation is scheduled to commence next month, utilizing COSL Drilling Europe’s semi-submersible rig.

The Norwegian Offshore Directorate (NOD) has officially granted Equinor the drilling permit for wellbore 7220/5-4 in production license 532, which has been valid since May 15, 2009, and will remain so until the same date in 2049.

Equinor holds a 46.3% stake in the license and operates it, with Vår Energi and Petoro as its partners, owning 30% and 23.7% respectively, in the Barents Sea license.

Upcoming Drilling Operation with COSL Prospector Rig

The exploration well is set to be drilled in June 2025 using the COSL Prospector semi-submersible rig. This rig secured a two-year contract in September 2023 with Vår Energi for operations in the Barents Sea and commenced work in the third quarter of 2024.

The contract includes three years of extension options, allowing for a potential maximum duration of five years. This agreement underscores the collaboration between Vår Energi and Equinor, ensuring access to the rig for the 2024-2026 period.

Capable of reaching a maximum drilling depth of 7,500 meters, the COSL Prospector rig is of GG5000 design and can operate in water depths of up to 1,500 meters. In its previous use, the rig confirmed oil in the appraisal well 7122/8-2 S in the Barents Sea, further delineating the Countach discovery.

Following the appraisal, it was determined that the discovery holds an estimated size of 10-52 million barrels, prompting discussions about a potential tie-back to existing infrastructure on the Goliat field.