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Norway’s Equinor has shut down its Gullfaks C platform in the North Sea following a well control problem that also prompted the evacuation of some workers, Reuters has reported, citing a company spokesman.
The spokesman added that production from the field was stable. Even so, the Norwegian gas system operator said natural gas production at the Gulfaks field would be reduced by 6.6 million cu m today. The field produces mostly crude oil.
Equinor is the operator of the Gulfaks field with a 51% stake and minority partners including Norway’s gas system operator Petoro and Austria’s OMV.
The Norwegian state oil and gas major reported a dip in second-quarter profits this year, although the net result beat analyst estimates. The result was attributed to higher natural gas sales and higher prices across the products that Equinor markets.
Norway is the fourth-largest natural gas exporter in the world. Last year, it accounted for almost a third of the gas consumed in the EU and the UK, according to Norwegian Petroleum. Oil and gas together account for a whopping 62% of Norway’s exports, as of 2023.
The country’s statistical agency recently reported that investment in oil and gas developments this year is set to hit a record high amid rising costs and existing field expansion.
Total investments in oil and gas activity in 2024, including pipeline transportation, are estimated at an all-time high of $24 billion (257 billion Norwegian crowns), Statistics Norway said earlier this month.
The latest estimate is 4.1% higher compared to the investment plans from the survey from the second quarter.
“The increase in estimates is mainly driven by higher cost estimates in production drilling within fields on stream,” Norway’s statistics agency said.
The oil companies’ investment estimates for this year are also 21% higher than the corresponding estimate for 2023 in the Q3 2023 survey.
“The higher estimate for field development is related to the fact that significantly higher costs have now been reported for some development projects than the operators had previously estimated,” according to Statistics Norway.
