OMV’s Norway boss David Latin said at an energy conference on November 17, 2016, that the Wisting project might contain more than 1 billion barrels of oil, potentially making it the largest find in the Norwegian Arctic so far.
David Latin said: «We are now very, very comfortable in that range and we’re moving towards the upper end. We can now say that the in-place volumes have increased very substantially and we are now well over a billion barrels and we haven’t drilled everything yet... So it's really big and I don't see why it shouldn't be developed. If we can't develop, as an industry, a billion-barrel field, we should just all go home and go to bed,» Latin noted.
Located in oceans more than 400 meters deep (437 yards), the field would probably rely on a floating installation for production.
Output could start in 2024 or 2025, Latin said, though he declined to provide a cost estimate.
Partners in the Wisting discovery are OMV, Statoil , Japan's Idemitsu and Norwegian state oil firm Petoro.
Following the acquisition Statoil has become the biggest equity holder in the Wisting discovery with a 35% stake, so far the only big discovery in the Hoop area of the Barents Sea.
OMV as the operator holds 25%.
