ConocoPhillips Hits Gas Pay in Norwegian Sea

ConocoPhillips Hits Gas Pay in Norwegian Sea
ConocoPhillips has reported a new gas condensate discovery offshore Norway.

ConocoPhillips (NYSE: COP) on Tuesday reported a new gas condensate discovery 150 miles (241 kilometers) offshore Norway.

Located in Production License 1009 in the Norwegian Sea 22 miles (35 kilometers) northwest of the Heidrun Field, the 6507/4-1 (Warka) discovery well was drilled to 16,355 feet (4,985 meters) in 1,312 feet (400 meters) of water with Transocean’s (NYSE: RIG) Leiv Eiriksson semi-submersible rig, ConocoPhillips pointed out in a written statement. The company’s ConocoPhillips Skandinavia AS unit operates and holds a 65-percent working interest in the license, with PGNiG Upstream Norway AS (OTCMKTS: POGWY) owning the remainder.

“We have built a strong position on the Norwegian shelf since the discovery of the Ekofisk Field in 1969 and we are a very active industry operator and partner across the North Sea and the Norwegian Sea,” commented Matt Fox, ConocoPhillips executive vice president and chief operating officer.

Preliminary estimates place the discovery’s size between 50 and 190 million barrels of recoverable oil equivalent, ConocoPhillips stated. The company noted that further appraisal will determine potential flow rates, the reservoir’s ultimate resource recovery and development plans.

“This discovery, potentially the largest on the Norwegian Continental Shelf this year, bolsters our position in the Norwegian Sea and the Heidrun area,” continued Fox. “The Warka discovery and potential future opportunities represent very low cost of supply resource additions that can extend our multi-decade success on the Norwegian Continental Shelf.”

ConocoPhillips stated the Leiv Eiriksson will proceed to drill exploration well 6507/5-10 S (Slagugle) in Production License 891 after the Warka well has been completed. It pointed out that ConocoPhillips Skandinavia operates production license 891 – located 14 miles (23 kilometers) north-northeast of Heidrun – and owns an 80-percent stake. Pandion Energy AS holds the remaining 20 percent.

Elsewhere offshore Norway, ConocoPhillips operates the Greater Ekofisk Area and owns interests in the Heidrun, Visund, Oseberg, Grane, Troll, Alvheim and Aasta Hansteen fields, according to the company’s website.

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