ConocoPhillips makes Norway oil discovery of up to 200 million barrels

FILE PHOTO: The logo for ConocoPhillips is displayed on a screen on the floor at the NYSE in New York
FILE PHOTO: The logo for ConocoPhillips is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 13, 2020. REUTERS/Brendan McDermid/File Photo

December 22, 2020

OSLO (Reuters) – ConocoPhillips made an oil discovery in the Norwegian Sea north of the Heidrun field, the country’s Petroleum Directorate (NPD) said on Tuesday.

The discovery is estimated to hold between 76 million and 201 million barrels of recoverable oil equivalent, and could potentially be developed by using the existing infrastructure in the area, the NPD said.

ConocoPhillips has an 80% stake in the license where the well was drilled, while privately held Pandion Energy holds the remaining 20% stake.

It was the second petroleum discovery made by ConocoPhillips in the Norwegian Sea in two months. In November, the U.S. firm found natural gas southwest of the Skarv field.

(Reporting by Nerijus Adomaitis, editing by Terje Solsvik)