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Norway Makes Biggest Hydrocarbon Discovery In 10 Years

Norwegian oil and gas operator, DNO ASA, has made a  significant gas and condensate discovery on the Carmen prospect in the Norwegian North Sea. Preliminary evaluation of comprehensive data indicates gross recoverable resources in the range of 120-230 , making millionCarmen ranks as the largest discovery on the Norwegian Continental Shelf since 2013.

Norway is the gift that keeps on giving. Carmen proves there are important discoveries still to be made and Norway’s oldest oil company, DNO, will be part of this next chapter of the country’s oil and gas story,” said DNO’s Executive Chairman Bijan Mossavar-Rahmani. 

Norway has become the largest supplier of natural gas to Europe after the continent cut ties with Russia following its war in Ukraine. Norway's pipeline gas exports to continental Europe have been robust in the current year, with flows averaging 313 million cu m/d. 

Last month, Norway’s Aker BP (NYSE:BP) (OTCQX:AKRBF) made a much bigger than expected oil discovery in the Yggdrasil area of the North Sea, the energy company reported on Thursday

Preliminary estimates indicate a gross recoverable volume of 40 million-90 million barrels of oil equivalent (boe), much higher than the company’s earlier projection of between 18 million and 45 million boe.

The discovery will significantly enhance Aker BP’s resource base for the Yggdrasil development, which previously was estimated at 650M gross boe.The oil discovery is located within production licenses 873 and 442: In license 873, with Equinor ASA (NYSE:EQNR) and PGNiG Upstream Norway as partners. The plan for development and operations (PDO) for this project was submitted to Norwegian authorities in December 2022, with production scheduled to start in 2027.

The North Sea is home to substantial known oil and gas reserves. According to a report produced by the Oil and Gas Authority,  known reserves of oil and gas in the North Sea at the end of 2020 amounted to 4.4 billion barrels of oil equivalent (BOE). 

By Alex Kimani for Oilprice.com

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