Norwegian national oil company Equinor said on Tuesday that the company and its partners will invest 2.3 billion Norwegian kroner (about 269 million US dollars) in the Gullfaks oil field in the North Sea to extract more oil.
Norwegian Oil is the operator of the oil field, Petoro and OMV are partners, and the three companies will now drill seven new wells, increasing oil recovery by 17 million barrels.
The Gullfaks field began production in December 1986 and the life of the field was initially expected to continue into 2005. However, after the initial extension, a plan for extension to 2034 was approved.
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