STOCKHOLM (Reuters) -Equinor and its partners Vaar Energi and Inpex Idemitsu will invest more than 21 billion Norwegian crowns ($2.08 billion) to develop Norway’s Fram South oil and gas field, the companies said on Thursday.
Production is scheduled to start at the end of 2029, field operator Equinor said in a statement.
“Fram South will contribute to security of energy supply from the Norwegian continental shelf (NCS) to Europe,” said Geir Tungesvik, Equinor’s executive vice president for Projects, Drilling & Procurement.
The project will export oil and gas via Equinor’s existing Troll C platform in the North Sea.
Equinor holds a 45% stake in the field, while Vaar Energi has 40% and Inpex Idemitsu Norge the remaining 15%.
($1 = 10.0849 Norwegian crowns)
(Reporting by Jagoda Darlak, editing by Terje Solsvik)