– Biggest in 10 years

– Biggest in 10 years

Oil and gas company DNO reports a record discovery of gas in the Troll-Gjøa area in the North Sea.

chart. Sleipner A site.
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Case updated.

The invention is linked to the Carmen opportunity. DNO holds 30 percent stake. Wellesley Petroleum owns 50 percent, while Equinor and Acre BP hold 10 percent each.

DNO writes in one Stock market notification Initial investigations found a total of 120 to 230 million barrels of oil equivalent. If the discovery turns out to be 175 million oil equivalents, it would be the largest discovery on the Norwegian continental shelf since 2013, the company writes.

– This is a great discovery

DNO shares rose about 12 percent on the Oslo Stock Exchange on Monday afternoon.

– The innovation should be worth between NOK 1.5 and NOK 2 per share, says Teodor Sveen-Nilsen, an analyst at Sparbank 1 Markets to E24.

The researcher says there is always uncertainty about the magnitude of the findings, but they can have “a certain idea” when they come up with statistics.

– This is a great find in the Norwegian continental shelf, he says.

Teodor Sveen-Nilsen, analyst at Sparebank 1 Markets

Carmen is DNO’s sixth discovery in the Troll-Jijo area since 2021 and is adjacent to existing infrastructure. Other discoveries include Røver Nord, Kveikje, Ofelia, Røver Sør and Heisenberg.

– Norway is the gift that keeps on giving, says Bijan Mosavar-Rahmani, president of DNO.

Innovations become smaller

It may be one of the biggest discoveries in recent years, but it’s smaller than the Johan Gastberg in the Barents Sea, which is estimated to hold 450-650 million barrels of oil equivalent. A dominant discovery since the turn of the millennium has been the Johan Sverdrup in the North Sea, which has an estimated 2.7 billion barrels of oil equivalent.

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– Carmen proves that there are still important discoveries to be made, and Rahmani says that Norway’s oldest oil company, DNO, will be part of this next chapter in the country’s oil and gas history.

According to the Norwegian Petroleum Directorate, discoveries on the shelf have been smaller on average in recent decades than at the beginning of the oil age. The image below shows the development.

Norwegian Petroleum Directorate’s Resource Report 2020.

According to the report, 99 million cubic meters of oil and gas have been produced on the shelf from January to May this year. Norwegian Petroleum Directorate. This corresponds to approximately 622 million barrels. During this period of 151 days, it provides an average production of 4.12 million barrels of oil per day.

An earlier version of the case said the discovery could hold 120 to 230 million barrels of oil equivalent per day. This is wrong. The total discovery could be 120 to 230 million barrels of oil equivalent. Error fixed at 15:09.

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Joshi Akinjide

Joshi Akinjide

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