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The $5.6-billion deal includes the Prudhoe Bay field and the Trans Alaska Pipeline and vaults Hilcorp to be the second-largest Alaska producer and reserves holder, behind only ConocoPhillips. The green light comes 4 years after the privately-held firm filed its development and production plan. Liberty Island would consist of gravel, stretch 9 acres, and sit just a few miles offshore. The technology will provide Equinor a continual feed of updated reservoir information from its Johan Castberg and Johan Sverdrup fields with the aim of improving well placement, production, injection, and—ultimately—recovery. Norway hopes for a continued rise in offshore exploration and development activity to ensure steady oil and gas production through the next decade. Equinor has grabbed seven new licenses in the Barents and Norwegian Seas, the latest in a flurry of offshore activity in which the firm has added acreage off the UK and Brazil, gained approval for a big Arctic project, and awarded billions of dollars in service contracts.

  Country: North America > United States (0.63)
  Industry: Energy > Oil & Gas > Upstream (1.00)
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