The partnership in Breidablikk, Petoro, Vår Energi, ConocoPhillips and Equinor (operator) have decided to develop the Breidablikk field in the North Sea. Monday 28th of September, the partnership submitted the plan for development and operation (PDO) to the Minister of Petroleum and Energy. Expected recovery from the field is approx 200 million barrels of oil and the investments will be just under NOK 20 billion. The Breidablikk field is one of the largest oil discoveries on the Norwegian shelf that has not yet been developed. The decision to develop the field will provide significant value to Norwegian society and the owners.

Production is planned to start February 1st 2024. The development of Breidablikk supports Petoro's strategy for further development of mature fields and utilization of existing infrastructure.

Facts:

- The Breidablikk field is located northeast of the Grane field
- 3 discovery wells; first in 1992 and followed up with two new discoveries in 2013, 2014
- Sea depth is approx. 130 m
- The hydrocarbons on the Breidablikk field extend over an area of ​​approx. 37 km2

About Petoro

Petoro is a state-owned limited company which manages the SDFI in the Norwegian oil and gas sector. These holdings comprise a third of Norway’s oil and gas reserves and associated facilities.

About Vår Energi

Vår Energi represents the next generation oil and gas operators on the Norwegian Continental Shelf (NCS).
We operate fields in the Barents Sea, the Norwegian Sea and the North Sea, and will continue to explore, develop and produce resources and reserves from our portfolio.

About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips (NYSE: COP) had operations and activities in 16 countries, $63 billion of total assets, and approximately 9,700 employees on June 30, 2020. Production excluding Libya averaged 1,130 MBOED for the six months ended June 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019.

About Equinor

Equinor (OSE:EQNR, NYSE:EQNR), 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.