Equinor ASA (EQNR Quick QuoteEQNR - Free Report) and its partners, Okea and Pandion Energy, have made a new gas and condensate discovery in the “Mistral Sor” exploration well in the Halten area, located in the southern part of the Norwegian Sea. Preliminary estimates suggest that the find contains 19-44 million barrels of recoverable oil equivalent.

Grete B. Haaland, Equinor’s senior vice president for Exploration & Production North, emphasized the importance of continued exploration to meet the growing European gas demand. She noted that Mistral Sør benefits from proximity to existing gas infrastructure, strengthening its commercial potential.

The discovery is considered commercially viable, and the licensees are evaluating options for linking it to existing infrastructure or developing it alongside other finds in the area.

Mistral Sor is situated in the Asgard and Kristin area, just north of Linnorm — the largest undeveloped gas discovery on the Norwegian Continental Shelf. Equinor assumed operatorship of Linnorm in 2023 and recently discovered hydrocarbons in the Lavrans field, which is being developed as a tie-back to Kristin Sor.

The Deepsea Atlantic drilling rig, operated by Odfjell Drilling, drilled the well in production licence 1119. The well encountered a 45-meter hydrocarbon column in the Garn Formation, with strong reservoir properties. The well was drilled to a depth of 4,024 meters before being permanently plugged. Although no hydrocarbons were found in the secondary target, extensive data acquisition and sampling were conducted before the well was permanently plugged.

Following this operation, the Deepsea Atlantic will move to commence drilling on the 15/8-G-4 Utgard field, continuing Equinor’s active exploration program. The discovery at Mistral Sor underscores its successful exploration efforts in the Norwegian Sea, enhancing production potential in the region.

EQNR’s Zacks Rank & Key Picks

EQNR currently carries a Zacks Rank #3 (Hold).

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