Equinor, formerly known as Statoil ASA, submitted a plan to the Ministry of Petroleum and Energy for the development of the third phase of the Troll field, one of the largest in the Norwegian Continental Shelf.
The third phase, which is estimated to cost 7.8 billion Norwegian kroner, will produce 2.2 billion barrels of oil equivalent at a break-even price of less than US$10.00 per barrel, Margareth Øvrum, executive vice president for Technology, Projects and Drilling at Equinor, said in a July 3 news release.
"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," Gunnar Nakken, Equinor's senior vice president for Operations West, said in the news release.
Currently, exports from Troll meet about 8% of the European Union's total natural gas consumption. Gas is produced on the Troll A platform and piped to Kollsnes before it is transported to Europe in the Zeepipe pipelines.
Equinor holds a 30.58% stake in the Troll field, with Petoro AS has a 56% stake.
As of July 2, 2018, US$1 was equivalent to 8.20 Norwegian kroner.