Projects from Equinor off the UK and Norway will help bring North Sea spending to its highest level in a decade, according to Westwood Global.
Equinor and Austrian oil firm OMV will work together on the Wisting development in the Barents Sea and the concept development for the Hades-Iris discovery in the Norwegian Sea.
OMV said its Wisting discovery in the North Sea could contain more than one billion barrels of oil equivalent.
OMV is set to prepare a new reserves estimate for its Wisting oil discovery in the Barents Sea, after successfully drilling its appraisal well.
OMV has plugged and abandoned its dry well near the Wisting oil discovery. The purpose of the well was to find petroleum in reservoir rocks from the middle jurassic to late triassic age. It was drilled about 6 kilometres south-east of oil discovery 7324/8-1 'Wisting' in the Barents Sea and 310km north of Hammerfest.