Equinor Makes Gas Discovery in the North Sea

By Dominic Chopping

Equinor ASA said Wednesday that it and its license partners Source Energy AS and Wellesley Petroleum AS have made a gas and condensate discovery in the North Sea of between 19 million and 63 million barrels of oil equivalent.

"It is encouraging to see that we are able to keep proving more resources in one of the most mature areas on the Norwegian continental shelf," said Nick Ashton, Equinor's senior vice president for exploration in Norway and the U.K.

"Now we will work on evaluating the potential for profitable and CO2 efficient recovery."

The discovery at exploration well 30/2-5 S Atlantis on the Kvitebjorn field has proven reserves of between 3 million and 10 million standard cubic meters of recoverable oil equivalent based on preliminary estimates.

The license owners of the production license are Equinor Energy AS with 60%, Source Energy with 20% and Wellesley Petroleum AS with 20%. They will now consider whether to pursue the discovery in an overall assessment of the area.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

July 08, 2020 02:56 ET (06:56 GMT)

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