The winning bids commit the company to an exploratory work programme, including geological studies, seismic and wells over a three-year phase (Phase 1) on each of the exploration contracts.
Achieving the 10 000 stages milestone fulfills the Equinor vision for Reveal Energy Services, an Equinor spin-out in 2016, to commercialise and further develop IMAGE Frac™ pressure-based fracture maps.
The acquisition includes the the Jumping Pound, Caroline and Waterton gas plants, 29 000 boe/d of production, a partial ownership of the Shantz sulfur plant and 1700 km of pipelines.
The report by Nalcor Energy-Oil and Gas and Beicip-Franlab, in partnership with the Government of Newfoundland and Labrador has identified an additional 3 billion bbl of oil and 5.8 trillion ft3 of gas potential offshore Newfoundland.
The decommissioning project comprises seven offshore gas platforms located approximately 135 nautical miles east of Halifax, Nova Scotia, Canada on the edge of the Scotian Shelf.
The assets currently produce approximately 28 623 boe/d, consisting of approximately 118.9 million ft3/d of natural gas, 5646 bpd of NGLs and 3161 bpd of condensate and light oil.
The Jeanne d’Arc HD3D survey borders Newfoundland’s prominent producing fields such as Hibernia, Terra Nova, White Rose, North Amethyst and Hebron.
Due to continued client interest, the second phase of GrandSPAN has now more than doubled in size from last year’s expectation to nearly 11 000 km.
The assets include the 108 000 bpd Jackfish oilsands project, which comprises about 88% of the valuation.