DNO Makes Norway Gas Condensate Discovery
(Reuters) — Norwegian oil company DNO said on Tuesday it had discovered gas condensate at its Norma prospect in the North Sea and that it would continue to drill for more resources nearby.
Preliminary evaluation of the discovery indicates gross recoverable resources of between 25 million and 130 million barrels of oil equivalent (boe), with a best-guess estimate of 70 million boe, DNO said in a statement.
DNO's Oslo-listed shares were trading up 3.8% by 0946 GMT.
Norma is situated in an area with extensive infrastructure in the central part of the North Sea, which provides a few options to develop the discovery, DNO said.
The DNO has also identified additional exploration prospects within the same license, the company added.
It holds a 30% stake in the license, while Equinor, Vaar Energi and Source Energi have 20% each, and Aker BP has 10%.
So far this year, DNO has made four discoveries off Norway, including the Carmen discovery estimated to hold 120 million-230 million barrels of oil equivalent, the largest find since 2013.
"The string of recent discoveries validates DNO's offshore Norway exploration strategy," DNO's Executive Chair Bijan Mossavar-Rahmani said.
The company's exploration success in Norway contrasts with the problems it faces in Iraq's semi-autonomous region of Kurdistan, its main producing hub.
DNO had to halt its production in Iraq's semi-autonomous region of Kurdistan after Turkey in March shut down an export pipeline following Baghdad's win in an arbitration case at the Paris-based International Chamber of Commerce (ICC).
The company said in August it had partly resumed output from one of its fields, selling oil to local buyers at a discount.
Given uncertain timing for pipeline export resumption, DNO had cut its investments and staff in Kurdistan, it said the second quarter report last month.
Related News
Related News
- Trump Puts Keystone XL Pipeline Back in Discussion, Though Revival Faces Developer Resistance
- Army Corps Lists Enbridge’s Line 5 as ‘Emergency’ Project Eligible to Bypass Environmental Review
- Missouri Loses Control Over 1.5 Million-Mile Gas Pipeline Network as Feds Step In
- Energy Transfer Wins New York Court Ruling in $150 Million Pipeline Fraud Case
- $3 Billion Natural Gas Pipeline Expansion to Add 1.3 Bcf Capacity in Southeast Region
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- Army Corps Lists Enbridge’s Line 5 as ‘Emergency’ Project Eligible to Bypass Environmental Review
- India’s GAIL Eyes U.S. LNG Deals Following Trump’s Policy Shift
- TC Energy Beats Q4 Profit Estimates, Driven by Mexico Pipelines' Success
- Michigan Court Backs Permits for Enbridge’s Line 5 Pipeline Tunnel Project
Comments