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Norway confirms Barents Sea oil and gas find

Lundin's discovery acknowledged by Norwegian petroleum agency.
By Daniel J. Graeber   |   July 22, 2014 at 9:01 AM   |   Comments

http://cdnph.upi.com/sv/em/upi/UPI-6121406032873/2014/1/6e37b9a6e7bd1c352c1363d6ee469269/Norway-confirms-Barents-Sea-oil-and-gas-find.jpg
STAVANGER, Norway, July 22 (UPI) -- The Norwegian government said Tuesday it confirmed a sizable discovery of oil and natural gas at the Snohvit field in the Barents Sea.

The Norwegian Petroleum Directorate, the nation's energy regulator, said it confirmed a Norwegian subsidiary of Lundin Petroleum discovered oil and natural gas at the Gohta area of the field.

NPD said the discovery may hold as much as 525 billion cubic feet of recoverable natural gas and more than 130 million barrels of recoverable oil reserves.

Lundin in a separate statement said a well at the site tested at 4,300 barrels of oil per day. Neither the company nor the NPD provided details on when the discovery would enter into full-scale production.

Norway is the largest oil producer and the third-largest natural gas producer in Europe. It's the second-largest supplier of natural gas to Europe after Russia. Nearly three quarters of the oil it produces is exported to European countries.

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