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US oil giant ConocoPhillips has made a major oil discovery at the Slagugle prospect north of the Heidrun field in the Norwegian Sea. Based on a preliminary resource estimate, this is the largest reported finding on the Norwegian platform in 2020.
Preliminary estimates of the size of the discovery are between 75 and 201 million barrels of oil equivalent.
Last year, Equinor reported “one of the biggest discoveries of the year” at the Fram field. The discovery was estimated at between 38 and 100 million barrels.
– Fourth successful exploration well
– This discovery is our fourth successful exploration well on the Norwegian continental shelf in the last 16 months, says COO Matt Fox at ConocoPhillips in a statement.
All four discoveries have been made in mature parts of the North Sea and Norwegian Sea, and possible future development can be made with very low balance prices, according to the company.
ConocoPhillips is the company behind the first oil field on the Norwegian platform: Ekofisk.
Norwegian partner
“Licensees will evaluate the discovery results along with other nearby prospects for a future discovery delineation and a possible connection to existing infrastructure in the area,” states the report from the Norwegian Petroleum Directorate.
Pandion Energy is a licensee partner with a 20 percent interest.
– We are very proud to be part of the biggest discovery in Norway this year. This shows that the team’s ability to make quick decisions based on a multidisciplinary work methodology generates value. In light of the new knowledge of the discovery well, we see an interesting resource on the rise both in the discovery itself and in other parts of the license. We now look forward to continuing the good collaboration with ConocoPhillips and helping realize the full value creation potential in PL 891, says exploration manager Bente Flakstad Vold at Pandion Energy.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content can only be done with written permission or as permitted by law. For more terms, see here.
