OMV announces a major gas discovery in the Norwegian Sea

• OMV announced a major natural gas discovery off Norway on Friday.
• OMV estimates total recoverable natural gas volumes of up to 140 million barrels of oil equivalent (boe).
• In March, Norway’s Aker BP made a much larger-than-expected oil discovery in the Yggdrasil area of ​​the North Sea.

Austria’s integrated energy company OMV (OTCPK:OMVJF) announced a major natural gas discovery in the Norwegian Sea. In a statement released on Friday, OMVB said it had found preliminary estimated volumes of recoverable natural gas of up to 140 million barrels of oil equivalent (boe) after completing a drilling operation in the Norwegian Sea targeting its exploration prospects Haydn/Mon. The deep water prospect is located 300 km west of the Norwegian mainland at a water depth of 1,064 m.

“This latest commercial breakthrough will further advance our diversification while leveraging our portfolio in Norway. Finally, today’s news further strengthens our position as a trusted gas supplier in Europe. It could also unlock significant potential in the area and extend the life of the Aasta Hansteen gas hub,“, said Berislav Gašo, Executive Vice President for Energy at OMV. According to Berislav, OMV aims to increase the share of gas in its production portfolio to 60% by 2030.

In March, in Norway Aker BP (NYSE:BP) (OTCQX:AKRBF) made a much larger-than-expected oil discovery in the Yggdrasil area of ​​the North Sea, the energy company reported Thursday.. Preliminary estimates point to a gross recoverable volume of 40 million-90 million barrels of oil equivalent (boe), much higher than the company’s previous projection of 18 million to 45 million boe. A month later, the Norwegian oil and gas operator, DNO ASAmade a significant gas and condensate discovery on the Carmen prospect in the Norwegian North Sea. Preliminary assessment of comprehensive data indicates recoverable crude resources in the range of 120-230 million barrels of oil. Carmen is the largest discovery on the Norwegian continental shelf since 2013.

“Norway is the gift that keeps on giving. Carmen proves that there are still important discoveries to be made and Norway’s oldest oil company, DNO, will be part of this next chapter in the country’s oil and gas story,“, said DNO Executive Chairman Bijan Mossavar-Rahmani.

Norway has become the biggest supplier of natural gas to Europe after the continent cut ties with Russia following the war in Ukraine. Norway’s pipeline gas exports to mainland Europe have been robust this year, with flows averaging 313 million cubic meters per day.

By Alex Kimani for Oilprice.com

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