Austrian oil and gas company OMV has reported a gas discovery in the Norwegian Sea. According to an initial estimate, the total recoverable volume is around 30 to 140 million barrels of oil equivalent (boe).
For comparison, the recoverable volume of the Neptun Deep gas project in the Romanian Black Sea is estimated at around 700 million barrels of oil equivalent.
“We aim to increase the share of gas in our production portfolio to 60 percent by 2030,” said OMV’s Chief Energy Officer, Berislav Gašo. “With an economically viable gas reserve, we can further diversify our overall portfolio and enhance our portfolio in Norway.”
The deep-water drilling in the Norwegian Sea is located 300 kilometers west of the Norwegian mainland at a water depth of 1,064 meters, the statement continues. The gas discovery is therefore located approximately 65 kilometers away from the existing infrastructure of the Polarled pipeline and the Aasta-Hansteen field.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
