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Equinor makes Norway oil, gas find of up to 100 million barrels

Equinor makes Norway oil, gas find of up to 100 million barrels
FILE PHOTO: The logo of Equinor, formerly known as Statoil, at the company's headquarters in Fornebu, Norway, May 21, 2018. REUTERS/Nerijus Adomaiti/File Photo -
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Nerijus Adomaitis(Reuters)
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OSLO (Reuters) – Norwegian energy major Equinor <EQNR.OL> and its partners have found oil and gas at the Echino South prospect near the Fram field in the North Sea, the company said on Wednesday.

Recoverable resources are estimated at between 38 million and 100 million barrels of oil equivalent, adding considerably to the area’s resource base, it added.

“We are making one of this year’s biggest discoveries in the most mature area of the Norwegian continental shelf (NCS), not far from the Troll field. This demonstrates the opportunities that still exist for value creation and revenue from this industry,” Equinor said in a statement.

The discovery will probably be linked to existing production systems in the area, according to a company spokesman.

“Further knowledge of the area and new data investments have increased our confidence in the exploration opportunities in this part of the northern North Sea,” Equinor said.

Equinor holds a 45% stake in the license, while Idemitsu <5019.T> and Neptune Energy each hold 15%. The remaining 25% stake is held by Exxon Mobil Norway, which was recently sold to Eni’s <ENI.MI> local unit Vaar Energi.

(Reporting by Terje Solsvik; Editing by Tom Hogue & Kim Coghill)

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