ConocoPhillips said it made a major oil discovery off the shore of Norway.
The discovery was made in 1,165 feet of water in the Heidrun Field in the Norwegian Sea. The Houston independent oil producer estimates it can recover between 75 million and 200 million barrels of oil and natural gas from the site.
“This discovery marks our fourth successful exploration well on the Norwegian Continental Shelf in the last 16 months,” said Matt Fox, ConocoPhillips’ chief operating officer, said in a statement. “All four discoveries have been made in well-documented parts of the North Sea and the Norwegian Sea and offer very low cost of supply resource additions that can extend our more than 50-year legacy in Norway.”
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ConocoPhillips Skandinavia is the operator of the production license with an 80 percent working interest. Pandion Energy AS is a license partner with 20 percent working interest.
The semi-submersible drilling rig Leiv Eiriksson, managed by Transocean, drilled the prospect well.
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