Equinor and Wellesley Petroleum have agreed to establish a Joint Exploration Project (JEP) aimed at increasing high-pressure, high-temperature (HPHT) exploration activity on the Norwegian Continental Shelf (NCS) and contributing to long-term production from existing infrastructure.

Both companies recognise the challenge of declining production on the NCS in the coming decade. Successful exploration – particularly close to existing hubs – is a key enabler to sustaining output, maximising resource recovery and extending the productive life of offshore facilities.

The Joint Exploration Project brings together Equinor’s regional knowledge, subsurface experience and infrastructure position with Wellesley’s focused exploration model and proven capability as an HPHT drilling operator. The objective is to improve the quality of the NCS prospect portfolio, increase exploration activity and accelerate the time from exploration drilling to first production.

The collaboration will focus on HPHT opportunities in selected core areas of the Northern North Sea, where deeper targets remain underexplored but offer significant resource potential. By combining datasets, interpretations and technical expertise, the companies aim to mature prospects more efficiently and prioritise the most robust drilling candidates.

The ambition is to drill up to 15 exploration wells in the period 2027–2030. Wellesley will target operating up to 3–5 HPHT wells per year, with drilling taking place in licences where Equinor and Wellesley already work together, and always in close collaboration with their respective licence partners.

Wellesley is building a solid track record in delivering complex HPHT wells safely and efficiently, supported by an experienced well operations organisation. This operational capability, combined with Equinor’s long-standing position as a leading NCS operator and infrastructure owner, provides a strong foundation for an ambitious and sustained drilling campaign.

Importantly, the Joint Exploration Project does not constitute a joint venture, partnership or new legal entity. Each company retains full independence and continues to act within existing licence structures and governance frameworks. All drilling decisions will remain subject to approval by the relevant production licence partnerships in accordance with standard licence processes.

The Joint Exploration Project will commence in 2026, with the first wells under the programme planned from 2027 onwards.

About Wellesley

Wellesley is an oil and gas exploration and development company, based in Norway. Wellesley is backed by Blue Water Energy LLP, a leading private equity investor in the energy transition.

The energy transition needs gas to displace coal and balance renewable generation, as well as the lowest CO2 oil. By exploring for these resources in Norway, Wellesley will help supply clean and secure hydrocarbons to Europe.

Since 2016, Wellesley has been one of the most active and successful explorers in Norway, which has led to the rapid growth of our development portfolio.

About Equinor

Equinor ASA is an international energy company headquartered in Norway. The company employs around 21,000 people worldwide. Equinor is already one of the world's most CO2-efficient producers of oil and gas. Equinor leverages strong synergies between oil, gas, renewables, carbon capture and hydrogen. Equinor participates in a consortium that has started the construction of the Northern Lights project, the world’s first full-scale and open-source CO2 transportation and storage project. The company has a growing portfolio in offshore wind with wind farms in Europe and the USA and is involved in various hydrogen projects throughout Europe.