Equinor said on Tuesday that it, along with its partners, would invest NOK 14.8 billion ($1.44 billion) in the development of the Irpa subsea project in the Norwegian Sea.
According to the development plan, the Irpa project will produce about 20 billion cubic metres of natural gas, which will be exported to Europe through the Aasta Hansteen platform.
With a water depth of about 1,300 metres, Irpa is among the deepest finds to be developed offshore Norway.
“The Irpa development will use available processing capacity on the Hansteen platform when production gradually declines and at the same time contribute to extending the life of the Hansteen field,” Norway’s energy ministry said.
Gas production from the project is slated to begin in the fourth quarter of 2026 and last until 2039.
Equinor holds a 51% stake in the Irpa project, state-owned Petoro has a 20% stake, Wintershall Dea – 19%, and Shell – 10%.