TOKYO (Dow Jones Newswires), Dec. 26, 2011
Idemitsu Kosan Co. (5019.TO) said Monday that partners of the Knarr Vest structure in the North Sea in Norway have discovered an accumulation of oil and gas through two exploration wells.
The provisional reserves of the Knarr Vest structure are estimated up to 25 million barrels of oil equivalent, it said in a statement.
Idemitsu owns a 25% stake in the structure, which was awarded under the production license PL373S.
The structure is only about four kilometers southwest of the Knarr oil field, which is undergoing development works and which may start production in 2014.
BG Group owns 45 percent of the structure as the operator. Wintershall Holding GmbH and RWE Dea own 20 percent and 10 percent respectively.
Copyright (c) 2011 Dow Jones & Company, Inc.
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