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Biggest find of the year: The oil giant has found oil that may be worth several billion kronor.
On Tuesday morning, ConocoPhillips writes in a press release that the company has found oil in the Norwegian Sea at the Slagugle prospect. The find is 23 kilometers northeast of the Heidrun field.
Preliminary estimates from ConocoPhillips suggest that the size of the discovery may be between 75 and 200 million barrels of recoverable oil equivalents.
The discovery may be the largest discovery of the year, and is larger than the Dugong well in the North Sea, which Neptune Energy estimated was 40-120 million barrels in August.
ConocoPhillips writes that the company will continue the delineation to assess how much oil and gas can be produced and how much of the reserves can be recovered, as well as possible solutions for development.
The discovery was made at a water depth of 355 meters to a total depth of 2,179 meters by the Leiv Eiriksson drilling platform.
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May be worth tens of billions
If the discovery were to reach 200 million barrels of recoverable oil equivalents, the value of oil at the current oil price would be around $ 10 billion. This equates to NOK 87 billion.
– This discovery is our fourth successful exploration well on the Norwegian continental shelf in the last 16 months, says Matt Fox, executive vice president and chief operating officer.
ConocoPhillips claims that oil discoveries have been made in mature parts of the North Sea and the Norwegian Sea, and that future development will be possible with low oil and gas prices.
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It has been on the Norwegian platform for a long time.
Phillips Petroleum Company Norway and Phillips Group were among the dominant players on the Norwegian platform when the company merged with Conoco in 2002. The former was established in Norway as early as 1964, and in 1968 Philips made the first major oil discovery in Norway.
In Tuesday’s announcement, ConocoPhillips writes that the discovery of oil in the Norwegian Sea may help continue the company’s more than 50-year presence in Norway.
ConocoPhillips produces oil and gas in 15 countries and, as of September 30, had about 9,800 employees worldwide. Production, excluding Libya, averaged 1,108 million barrels of oil equivalent per day in the first nine months of 2020.
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