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PGNiG, Equinor and Longboat Energy discovered an oil field of up to 63 mln barrels in Norwegian Sea

Norway began to extract oil & gas 50 years ago and believes it has still only pumped about half of its available resources

PGNiG, Equinor and Longboat Energy discovered an oil field of up to 63 mln barrels in Norwegian Sea

Oslo, November 3 - Neftegaz.RU. Equinor, PGNiG Upstream Norway and Longboat Energy Norway, has found oil in exploration well 6407 / 1-9 – Egyptian Vulture.
This is the 1st exploration well in production license 939.
The well was drilled about 23 km east of the Kristin field in the Norwegian Sea.

The samples indicate a light oil, whose recoverable resources - according to the estimates released by the Norwegian Petroleum Directorate – are between 19 to 63 million barrels.
Kristin Westvik, Equinor´s area director for Exploration & Production North, said:
  • Our ambition is to transform the shelf from an oil & gas province to a broad energy province that will ensure value creation from the shelf in the decades to come
  • Future value creation will largely come from increased recovery from existing fields and connection of new discoveries close to existing infrastructure
  • Such near-field discoveries are profitable, robust against fluctuations in oil / gas prices, they have a short payback period and low emissions
Paweł Majewski, President of the Management Board of PGNiG, noted:
  • The Egyptian Vulture reservoir will be a valuable addition to our production portfolio on the Norwegian Continental Shelf
  • Natural gas remains at the core of PGNiG's business strategy, however crude oil production allows us to diversify and optimise our operations in this region
The Egyptian Vulture reservoir is located in the Lange Formation sandstone reservoir of late Cretaceous age.
The exploration well reached a depth of 3883 m below sea level.
Water depth at the site is 301 m.

PGNiG Upstream Norwayholds a 30% interest in the PL939.
The licence operator is Equinor Energy (55%) and the remaining 15% is held by Longboat Energy.

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