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Norway confirms Barents Sea oil and gas find

Lundin's discovery acknowledged by Norwegian petroleum agency.

By Daniel J. Graeber

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.

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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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