Energy company Equinor announced on Friday that it plans to invest just over 4 billion Norwegian kroner ($410 million) in a North Sea project with partners.
Equinor and its partners plan to cooperate on a new subsea development that will increase gas production from the Troll field in the North Sea.
Equinor's partners in the Troll West Increased Gas Recovery North (TWIN) project include Petoro, Shell, TotalEnergies and ConocoPhillips.
In the project, Equinor Energy is the operator with a holding of 30.55%, while Petoro AS holds 55.93%, A/S Norske Shell holds 8.19%, TotalEnergies EP Norge AS holds 3.69%, and ConocoPhillips Skandinavia AS holds 1.64%.
The TWIN project is expected to contribute around 11 billion standard cubic metres of gas. It is the third step of Troll phase 3, which produces gas from the Troll West reservoir.
The company noted that the second step will come on stream during 2026, ensuring continued high production from Troll A and Kollsnes towards 2030.
According to the company, the Troll field contains about 40% of the total gas reserves on the Norwegian continental shelf, and the gas from Troll alone meets around 10% of Europe's gas needs.
Equinor said it aims to produce 1.3 million barrels per day from the Norwegian continental shelf in 2035.
Gunnar Nakken, senior vice president for projects and subsea Norway in Equinor, said, "We have an ambition to start production as early as 2028. By simplifying, increasing standardization and reusing existing infrastructure and equipment, we are reducing costs and enabling faster production, in line with our new ways of working. The project helps sustain jobs, value creation and secure gas exports to Europe from Troll A and Kollsnes."
In Oslo, Equinor shares were trading at 317.80 kroner, up 1.79%.