Equinor has, on behalf of the partnership, has submitted the plan for development and operation for Verdande to Norway’s Ministry of Petroleum and Energy. The subsea development secures important oil volumes to the Norne production vessel. Verdande will be put on stream in the fourth quarter of 2025. The Verdande investments total NOK 4.7 billion (2022-value). Comprising the Cape Vulture and Alve North-East discoveries, Verdande is located in the Norwegian Sea at water depths of 350-380 metres, around 300 kilometres south-west of the city of Bodø in North Norway. The discoveries were proven in 2017 and 2020 respectively and contain a total of 36.3 million barrels of recoverable oil equivalent. Verdande will be operated and maintained as an integrated part of Norne. This includes activities at the supply base in Sandnessjøen, the helicopter base in Brønnøysund and use of local companies in engineering services and fabrication in North Norway. The Verdande development is based on well-known technology from similar satellite developments at the Norne field. The development solution consists of a subsea template tied back to the Norne vessel via new tubing. The oil will be lifted by a tanker and the gas will be piped via Åsgard Transport to Kårstø. Verdande licence owners: Equinor Energy AS – operator - (59.3 %), Petoro AS (22.4 %), Vår Energi ASA (10.5 %), Aker BP ASA (7.0 %), PGNIG Upstream Norway AS (0.8 %).