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Page added on July 3, 2015
Norway: New reserves found in North Sea
The Norwegian government confirmed Wednesday oil and gas reserves were discovered in a North Sea area not known previously to contain hydrocarbons.
The Norwegian Petroleum Directorate, the nation’s energy regulator, said reserves were discovered in appraisal and wildcat, one drilled in an untapped area, near the existing Gina Krog field in the North Sea.
The NPD said the objective of the well was to prove and delineate the potential for commercial volumes of oil and natural gas. For the discovery as a whole, the regulator said it estimated the size of the discovery at between 35 million and 70 million cubic feet of oil equivalent, which would be an average 9.3 million barrels if the entire discovery existed as oil.
There was no comment on the discovery from Statoil, which serves as the operator of the program.
Norway is one of the leading European suppliers and producers of oil and natural gas. Oil and natural gas production from Norwegian basins increased in May, the last full month for which data are available, with oil output up 2.4 percent year-on-year.
NPD set a goal of adding 5 billion barrels of oil to national reserves. By 2019, operators expect to start production at the Johan Sverdrup field, the fifth largest discovery ever made on the Norwegian continental shelf.
Statoil said this week first steel was cut on part of the platform structures meant for the program. Production plans were submitted to the government for early-stage developments at the Gullfaks region in the North Sea, which Statoil said could add another 18 million barrels of oil equivalent to net Norwegian production.
7 Comments on "Norway: New reserves found in North Sea"
paulo1 on Fri, 3rd Jul 2015 7:50 am
Wow,
That should keep US consumption satisfied from 6:00am to noon on one day in the far far future.
I feel better, already. See!! There’s unlimited oil.
rockman on Fri, 3rd Jul 2015 8:13 am
Paulo – An in addition it’s as if the editor doesn’t even bother to pay attention too the effort to hype the idea that they’ve discovered oil “in a North Sea area not known previously to contain hydrocarbons.” and in the very next paragraph: “…said reserves were discovered…near the existing Gina Krog field in the North Sea.”
Sounds to me like they did discover oil in an are “…known to contain hydrocarbons”. Just a bit of silly hype over an insignificant discover as you point out.
forbin on Fri, 3rd Jul 2015 9:48 am
” discovery at between 35 million and 70 million cubic feet of oil equivalent,”
well Norway is metric for a start
and
oil equivalent
so not actually oil then
Forbin
Hello on Fri, 3rd Jul 2015 11:57 am
Why is it so hard to find a real good pizza in the US?
rockman on Fri, 3rd Jul 2015 2:48 pm
OMG…PP!!! This is getting serious now.
Northwest Resident on Fri, 3rd Jul 2015 3:45 pm
And as the legions of muppets rush to their computers to put in buy orders on this great new money-making opportunity, those behind the MSM curtain continue their preparations, satisfied in knowing that they’ve misdirected the clueless mob once again and bought a little more precious time.
Northwest Resident on Fri, 3rd Jul 2015 4:06 pm
“In other words, if the BTFD-ers get wise to the fact that these companies are insolvent and that throwing money at equity and debt offerings only serves to allow them to lumber around, zombie-like in a desperate attempt to wait out what they hope is a temporary slump in crude prices rather than a fundamental commodity reset in the face of depressed global demand, the sucker bid will dry up just as HY spreads blow out and the hedges roll off, leaving Wall Street to clean up the mess.”
http://www.zerohedge.com/news/2015-07-03/fdic-sounds-alarm-insolvent-zero-hedged-oil-gas-producers