Equinor and OMV have signed two memorandums of understanding (MoU) to cooperate on both the Wisting development in the Barents Sea and the concept development for the Hades/Iris discovery in the Norwegian Sea.

Both MoUs were signed this week by Arne Sigve Nylund, Equinor’s executive vice president for Development and Production Norway, and Johann Pleininger, executive board member responsible for Upstream in OMV.

“It is important for us to create value and maintain activity on the Norwegian continental shelf for many decades ahead, in close cooperation with other players. We are pleased to take over and pursue such a well-prepared project through this cooperation,” says Nylund.

As development operator, Equinor will lead project development. In an integrated project organization, OMV personnel will have leading positions within subsurface work, drilling operations and activities related to the operating phase.

“This kind of cooperation is a competitive force of the NCS. Our experience from developing large offshore projects and our many years of presence in the Barents Sea, combined with OMV’s experience as a global operator, prove that we can utilize the strength of each company,” says Nylund.

The Hades/Iris discovery is located on Haltenbanken close to the Equinor-operated Morvin, Kristin, Heidrun and Åsgard fields.

The MoU calls for the companies to cooperate on finding the best solution for development and tie-in of Hades/Iris to the existing infrastructure. According to the agreement OMV will continue as operator.

“Close cooperation between the largest owners of these two licences is based on the expertise of both companies, and these agreements will enhance diversity on the NCS. We will share knowledge and ensure continuity in these projects,” says Pleininger.

Formal transfer of the Wisting operatorship is scheduled for the third quarter of this year and is subject to approval by Norwegian authorities.

About Equinor

Equinor, is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.

About OMV

OMV produces and markets oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 23 bn and a workforce of more than 20,000 employees in 2018, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Romania and Austria as part of the Central and Eastern Europe core region as well as a balanced international portfolio, with Russia, North Sea, Middle East and Africa as well as Asia-Pacific as further core regions. 2018 daily production stood at approximately 427,000 boe/d. In Downstream, OMV operates three refineries with a total annual processing capacity of 17.8 mn tons and more than 2,000 filling stations in ten countries. OMV runs gas storage facilities in Austria and Germany; its subsidiary Gas Connect Austria GmbH operates a gas pipeline network in Austria. In 2018, gas sales volumes amounted to around 114 TWh. Sustainability is an integral part of the corporate strategy. OMV is set to invest EUR 500 mn in innovative energy solutions by 2025.