Norsk Hydro makes significant new oil and gas find in Barents Sea - report |
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Mon, 26 Feb 2007 10:19
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STAVANGER (AFX) - Norsk Hydro ASA has made a significant new oil and gas find in the Barents Sea which could dwarf the mammoth Goliath field nearby, according to Norwegian paper Dagens Naeringsliv.The paper, which quotes oil industry sources, says geological tests have show that the Nucula well could contain 300-500 mln barrels of oil.The Goliath licence No 229, which in February was expanded by Norway's Energy Ministry, is by comparison thought to contain 250 mln barrels of oil, the paper said.'We will come out with new information after March 1,' Hydro press spokesman Christer av Geijerstam, told the paper.The Nucula field lies about 45 km from Goliath, in which Italy's Eni SpA has a 45 pct stake while Statoil ASA has 20 pct and DNO ASA holds 15 pct.In February the Norwegian government announced it was expanding the Goliath licence area by 63.5 sq km after studies suggested the oil reservoir could stretch into an area not covered by the original licence.Before the announcement the Goliath area comprised 1,010 sq km.The region containing Goliath and Nucula lies in the environmentally sensitive Barents Sea, a coastal region in which petroleum operations are currently not allied.Since 1980 nearly 70 wells have been drilled in the Norwegian Barents, but there have been only two commercial discoveries Goliath and Snohvit according to Dagens Naeringsliv.In January a Statoil executive said he hoped that the Goliath field could be in operation as early as 2013-2014.patrick.mcloughlin@thomson.comar/rfwCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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