Norwegian oil company, DNO, has announced a significant gas condensate discovery at its Norma prospect in the North Sea. Preliminary evaluations suggest that the discovery holds between 25 million and 130 million barrels of oil equivalent (boe) in recoverable resources, with a best-guess estimate of 70 million boe. The discovery reinforces DNO’s successful exploration strategy in offshore Norway.
Norma is strategically situated in the central part of the North Sea, with access to extensive infrastructure, providing several development options. DNO plans to continue drilling in the area to explore for additional resources.
In addition to the Norma discovery, DNO has identified other exploration prospects within the same license. The company holds a 30% stake in the license, while Equinor, Vaar Energi, Source Energi, and Aker BP hold 20%, 20%, 20%, and 10% stakes respectively.
DNO has had a series of successful discoveries in Norway this year. The Carmen discovery, estimated to contain between 120 million and 230 million boe, is the largest find since 2013. These exploration successes validate DNO’s offshore Norway exploration strategy, according to DNO’s Executive Chair Bijan Mossavar-Rahmani.
While DNO enjoys exploration success in Norway, it faces challenges in Iraq’s semi-autonomous region of Kurdistan, its main producing hub. DNO had to halt production in Kurdistan after Turkey shut down an export pipeline in March. However, in August, DNO resumed partial output, selling oil to local buyers at a discount. The company has scaled back investments and staff in Kurdistan due to the uncertain timing of pipeline export resumption.
DNO’s discovery at the Norma prospect highlights its continued commitment to exploration and development in offshore Norway, contributing to the country’s oil and gas sector.
Source: [Reuters](source article not provided)