Norway’s state-owned energy giant Equinor has obtained the Norwegian authorities’ blessing for drilling activities in the Barents Sea, which will be undertaken with a semi-submersible rig owned by COSL Drilling Europe, an offshore drilling player.
The Norwegian Ocean Industry Authority (Havtil) has granted Equinor consent for exploration drilling in block 7220/7-5 in the Barents Sea. The Norwegian Offshore Directorate already gave its go-ahead for this hydrocarbon search.
As a result, the Norwegian giant will be able to spud the well 7220/7-5, also known as the Polynya Tubåen prospect, in production license 532, which is valid from May 15, 2009, to the same date in 2049.
The license is operated by Equinor with a 46.3% interest, while its partners, Vår Energi and Petoro, hold the remaining 30% and 23.7% stakes, respectively. The water depth at the site is 335 meters.
This well will be drilled with the COSL Prospector rig in December 2025. The semi-submersible got a two-year contract in September 2023, with three years of extension options for a maximum duration of five years.
The rig deal builds on the cooperation between Vår Energi and Equinor, enabling the duo to secure access to the rig for the 2024-2026 period.
With a maximum drilling depth of 7,500 meters, the COSL Prospector rig is of GG5000 design and can operate in water depths up to 1,500 meters.