General – Joint Exploration Project
Equinor and Wellesley Petroleum have agreed to establish a Joint Exploration Project (JEP) aimed at increasing high-pressure, high-temperature (HPHT) exploration activity on the Norwegian Continental Shelf (NCS).
Both companies recognise the challenge of declining production on the NCS in the coming decade.
Successful exploration – particularly close to existing hubs – is a key enabler to sustaining output, maximising resource recovery and extending the productive life of offshore facilities.
The Joint Exploration Project brings together Equinor’s regional knowledge, subsurface experience and infrastructure position with Wellesley’s focused exploration model and proven capability as an HPHT drilling operator.
The objective is to improve the quality of the NCS prospect portfolio, increase exploration activity and accelerate the time from exploration drilling to first production.
The collaboration will focus on HPHT opportunities in selected core areas of the Northern North Sea, where deeper targets remain underexplored but offer significant resource potential.
By combining datasets, interpretations and technical expertise, the companies aim to mature prospects more efficiently and prioritise the most robust drilling candidates.
The ambition is to drill up to 15 exploration wells in the period 2027–2030. Wellesley will target operating up to 3–5 HPHT wells per year, with drilling taking place in licences where Equinor and Wellesley already work together, and always in close collaboration with their respective licence partners.
Wellesley is building a solid track record in delivering complex HPHT wells safely and efficiently, supported by an experienced well operations organisation. This operational capability, combined with Equinor’s long-standing position as a leading NCS operator and infrastructure owner, provides a strong foundation for an ambitious and sustained drilling campaign.
Importantly, the Joint Exploration Project does not constitute a joint venture, partnership or new legal entity. Each company retains full independence and continues to act within existing licence structures and governance frameworks.
All drilling decisions will remain subject to approval by the relevant production licence partnerships in accordance with standard licence processes.
The Joint Exploration Project will commence in 2026, with the first wells under the programme planned from 2027 onwards.
