Gas discovery in the Barents Sea turns out promising
The Norvarg prospect in the Barents Sea could hold between 10 and 50 billlion cubic meters of recoverable gas. This is Norway’s second large gas discovery in the area this year.
Exploration drilling at the Norvarg prospect shows that the discovery could hold between 63 and 315 million barrel of oil equivalents.
The discovery was announced in June, as BarentsObserver reported, but the operators were then very careful to conclude on the prospect’s commercial potential.
- This is promising results, says CEO Erik Haugane in Det Norske Oljeselskap, which holds a 20 percent interest in the discovery. - Det Norske believes that Norvarg could represent significant value for the company. For the Barents region this is promising. It is the second major discovery made so far this year and a sign that this region is moving forward, Haugane says in a press release.
In April Statoil announced that it had found 150 to 250 million barrels of oil equivalent at its Skrugard gas prospect in the Barents Sea.
Shares in Det Norske Oljeselskap jumped by 20.48 percent yesterday as Statoil announced a major oil discovery in the Aldous Major South prospect in the North Sea, Reuters reports. Det Norske has a 20 percent stakealos in this prospect, where Statoil reported that preliminary volumes are estimated to be between 200 and 400 million barrels of oil equivalent. This could be the biggest oil discovery off Norway since 1997
Norvarg is located about 250 kilometres north of Melkøya in the Barents Sea and is one of the northernmost discoveries on the Norwegian continental shelf to date. License owners in the Norvarg project are: Total E&P Norge AS (operator 40%), Det norske oljeselskap ASA (20%), North Energy (20%) and Rocksource (20%).
