Norway’s state-owned energy giant Equinor has secured a drilling permit for two exploration wells in the Norwegian sector of the North Sea, which will be drilled with a semi-submersible rig owned by COSL Drilling Europe, an offshore drilling player.
The Norwegian Offshore Directorate has granted Equinor a drilling permit for the wellbores 34/8-20 S and 34/8-20 A in production license 554 E , which was awarded on February 17, 2023, and is valid until the same date in 2030.
Equinor is the operator of the license with a 40% stake, while its partners, Vår Energi and Aker BP, hold a 30% interest each. The drilling of the wildcat wells, which is slated to begin in August 2025, will be undertaken with the COSL Innovator drilling rig.
The Norwegian state-owned oil and gas giant selected the rig in August 2023 for a two-year contract, starting in the second quarter of 2025. This deal comes with extension options for three additional years. The 2012-built COSL Innovator semi-submersible rig is designed to operate in water depths up to 750 meters.
Norway is setting the stage to witness more oil and gas exploration activity , as illustrated by the addition of new blocks in the award in pre-defined areas 2025 (APA 2025) round for oil and gas exploration compared to APA 2024 .