Equinor, a Norwegian energy company, has announced an oil and gas discovery in the North Sea (NYSE:SE). The find, preliminarily named Ringand, is estimated to contain recoverable resources ranging from 2 million to 13 million barrels of oil equivalent.
Situated 17 kilometers west of the Troll field, the discovery is the company's second in the region recently, signaling potential for future exploration.
Senior Vice President for Exploration and Production West on the Norwegian continental shelf at Equinor, Geir Sortveit, indicated that while the discovery alone may not be commercially viable, it could lead to more efficient resource utilization and improved economics if combined with other finds in the area.
Equinor holds a majority 60% stake in the production license where the discovery was made. DNO ASA, an oil and gas company, maintains a 20% interest, and Petoro, the Norwegian state-owned oil and gas firm, also owns 20%.
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