ConocoPhillips discovers gas offshore Norway

norway_oil_pic

ConocoPhillips said on Wednesday it has discovered gas condensate offshore Norway, sending the oil producer’s shares up 2% in premarket trade.

The discovery was made northwest of the Heidrun oil and gas field and 150 miles (241.4 km) from the coast of Norway in the Norwegian Sea.

The company said preliminary estimates place the size of the discovery between 50 million barrels and 190 million barrels of recoverable oil equivalent.

It added that further appraisal will be conducted to determine potential flow rates, the reservoir’s ultimate resource recovery and plans for development.

“The Warka (well) discovery and potential future opportunities represent very low cost of supply resource additions that can extend our multi-decade success on the Norwegian Continental Shelf,” Chief Operating Officer Matt Fox said.

ConocoPhillips Skandinavia AS is operator of the production license with 65% working interest, while PGNiG Upstream Norway AS holds the rest of the working interest.

[reuters]

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