The Norwegian Directorate of Marine Resources, the authority that regulates the oil and gas industry on the Norwegian continental shelf, has granted a drilling permit for exploration well 7220/5-EC-2 H to Equinor. The well is located within production license 532 (PL 532), and the planned start date for drilling is April 2026.
A key area in the Arctic
Production License 532 is one of the most important areas in the Norwegian Arctic because it is home to the Johan Castberg field. Johan Castberg fieldfield, a megaproject that began production in March 2025 and is expected to operate for 30 years.
The company wants to increase reserves in this area by up to an additional 500 million barrels and plans to drill between one and two exploration wells per year in the region and connect the new discoveries to Johan Castberg’s existing infrastructure, as it has already done with recent discoveries, such as the 7220/7-5 well, which belongs to the same license.
Who participates and with what platform?
The operation is an alliance between three companies, with Equinor at the helm:
- Equinor Energy AS: 46.3% – Operator (the leader of the project)
- Vår Energi: 30% – Partner
- Petoro: 23.7% – Partner (the Norwegian state-owned shareholding management company)
The platform to be used will be the Transocean Enabler, a semi-submersible semi-submersible platform designed specifically for the harsh Arctic environments (deep water, extreme cold, swell). This can operate in water depths of up to 500 meters and drill up to 8,500 meters deep.
Next steps in offshore exploration
The announcement reflects Norway’s continued commitment to hydrocarbon exploration and production. hydrocarbon production in the Arctic, a key in the Arctic, a key region for its economy, and which is carried out under strict regulation by the authorities. It is a further step in the Norwegian oil company’s strategy to maximize the potential of one of its most promising areas.
Source: Norwegian Directorate of Offshore Companies
Photo: Marine Traficc