OSLO, July 3 (Xinhua) -- Norway's multinational oil and gas company Equinor said Tuesday an estimated 7.8 billion kroner (955 million U.S. dollars) would be invested to further develop the gigantic Troll oil and gas field on the Norwegian continental shelf.
Equinor and its partners in the Troll licence -- Petoro, Norske Shell, Total E&P Norge, ConocoPhillips Skandinavia -- would submit the plan for further development of the field to Norway's Ministry of Petroleum and Energy, the company said in a statement.
"The third phase of the Troll development realises 2.2 billion barrels of oil equivalent, it has a break-even of less than 10 U.S. dollars per barrel and a carbon intensity of 0.1 kg per barrel," said Margareth Ovrum, executive vice president for Technology, Projects and Drilling of Equinor.
"This is probably one of the most profitable and robust projects in the company's history," she said.
The capital expenditures for the project are estimated at 7.8 billion kroner, helping extend the productive life of the Troll field beyond 2050, according to Equinor.
"The Troll operations have generated great value for the whole society. Since it came on stream in 1995 the Troll field has generated an estimated 1,400 billion kroner in revenues, equivalent to 175 million kroner per day in average. In the future we estimate that Troll will create even greater value," said Gunnar Nakken, Equinor's senior vice president for Operations West.
The expected future value creation from Troll is estimated at 1,650 billion kroner, according to the company.
"The further development of Troll will also strengthen Norway's ability to supply Europe with gas. The gas from Troll will ensure reliable, profitable and carbon-efficient gas supply equivalent to the consumption of 50 million households in Europe for 30 years in the future," Nakken said.
Troll is Norway's biggest gas producer, with enormous reserves still left in the ground. After more than 20 years on stream, about 65 percent of the gas has still not been recovered, the company said. (1 U.S. dollar=8.1635 kroner)
