• Natural Gas News

    OMV Cedes Offshore Ground to Equinor


Two agreements will give Equinor a greater say in the development of two Norwegian gas fields.

by: William Powell

Posted in:

Natural Gas & LNG News, Europe, Corporate, Exploration & Production, News By Country, Norway

OMV Cedes Offshore Ground to Equinor

Austrian OMV will hand the role of development operator of the Wisting gas field to Norwegian state-owned Equinor, the pair said June 26. 

Formal transfer is scheduled for the third quarter of this year and is subject to approval by Norwegian authorities. The two companies will also share responsibility for the concept development for OMV's Hades/Iris discovery in the Norwegian Sea, although OMV will continue as operator.

Equinor said of the Wisting agreement that it was “important for us to create value and maintain activity on the Norwegian continental shelf for many decades ahead, in close co-operation with other players. We are pleased to take over and pursue such a well-prepared project through this co-operation.”

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

The Hades/Iris discovery is on Haltenbanken, close to the Equinor-operated Morvin, Kristin, Heidrun and Asgard fields. The MoU calls for the companies to co-operate on finding the best solution for development and tie-in of Hades/Iris to existing infrastructure.

“Close co-operation 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,” said OMV. 

When it found the Hades field in April 2018, OMV said: "“This is our second exploration success as operator following the Wisting discovery, and the first high-pressure high-temperature exploration well we have drilled on the Norwegian Continental Shelf. Hades and Iris could be of significant size and the licensees will evaluate and further investigate the potential of the discoveries."