• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours U.S. Presidential Elections Status - Electoral Votes
  • 5 hours Evergrande is going Belly Up.
  • 8 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 2 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 2 days Poland Expands LNG Powered Trucking and Fueling Stations
  • 3 days World’s Biggest Battery In California Overheats, Shuts Down
  • 2 days The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 1 day Ten Years of Plunging Solar Prices
  • 1 day Extraction of gasoline from crude oil.
  • 4 days The coming Cyber Attack
  • 4 days Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 4 days Ozone layer destruction driving global warming
  • 4 days 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers

Breaking News:

UN Climate Conference Snubs Big Oil

Norway’s Northernmost Discovery Could Begin Pumping Oil In 2026

OMV, the operator of the northernmost oil discovery offshore Norway—Wisting in the Barents Sea—could begin production in 2026, the Senior Vice President of OMV’s Norwegian unit, Knut Mauseth, told Reuters on Wednesday, in what could be some relief for Norway’s oil industry amid current forecasts that production will decline from the mid-2020s in the absence of new major oil discoveries.

Earlier this week, OMV said that the estimated recoverable volumes in the Wisting discovery had increased to 440 million barrels of oil in place, from 350 million barrels previously estimated.

“Data from the latest appraisal well and the seismic data acquired have given us a better understanding of the area and the resources. We now see the increased potential of Wisting”, Mauseth said in a statement.

Currently, OMV and partners are studying the option to produce oil from the discovery via a floating production storage and offloading (FPSO) unit. The final concept selection is expected in 2020, OMV said.

The development of Wisting will probably need investments of US$4.7 billion-US$5.8 billion (40 billion-50 billion Norwegian crowns), Mauseth told Norwegian industry outlet petro.no on Wednesday.  

OMV is the operator with a 25-percent working interest in the production license where the Wisting discovery was made in 2013. The other shareholders are Norway’s Equinor with 35 percent and Petoro with 20 percent, as well as the Norwegian unit of Japanese petroleum firm Idemitsu with the remaining 20 percent.

Related: Offshore Spending To Overtake Shale In 2019

Speaking to Reuters on Wednesday, OMV’s Mauseth said that production at Wisting could begin in 2026.

According to the Norwegian Petroleum Directorate (NPD), production at Wisting is likely, but not yet clarified.

In the Barents Sea, Snøhvit and Goliat are currently in production and then comes Equinor’s Johan Castberg, scheduled for first oil in 2022—this will lead to more infrastructure construction in the Barents Sea that could boost exploration in the area, Mauseth told petro.no.

According to the NPD’s resource estimate, nearly two-thirds of the undiscovered resources on the Norwegian Continental Shelf lie in the Barents Sea. The industry and the oil regulator are concerned that Norway faces a decline in oil production from the mid-2020s unless major new oil discoveries are made.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News