MOL Group subsidiary MOL Norge AS and its joint venture partners have discovered oil and gas in an offshore field located about 200 km west of Stavanger in the Norwegian part of the North Sea.
MOL North Sea
Offshore North Sea. Credit: MOL Group
The exploration well was drilled to depth of 2,652 metres below sea level and oil and gas were found in a number of formations. The company conducted tests for about 3,463 barrels of oil equivalent per day. The potential resources discovered in the main formation are between 12 and 71 million barrels of oil and gas equivalent.
MOL said in a statement that the commercial viability of the discovery will be determined later, following additional technical work.
MOL Group entered Norway in 2015, through the acquisition of Ithaca Petroleum Norge, with the drilling programme beginning in 2018. The company says its exploration portfolio in Norway is aimed at supporting delivery of organic reserve replacement for the Group.
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