• OMV announced on Friday the discovery of a large natural gas deposit off the coast of Norway.
• OMV estimates the total recoverable natural gas volume to be up to 140 million barrels of oil equivalent (boe).
• In March, the Norwegian oil company Aker BP made a much larger oil discovery than expected in the Yggdrasil area of ​​the North Sea.

Austria’s integrated energy company OMV (OTCPK:OMVJF) has announced a significant natural gas discovery in the Norwegian Sea. In a statement released on Friday, OMVB said it has found preliminary estimated total recoverable natural gas quantities of up to 140 million barrels of oil equivalent (boe) following the completion of a drilling operation in the Norwegian Sea for its Haydn/Monn exploration areas. The deepwater deposit is located 300 km west of mainland Norway in a water depth of 1,064 m.

“This latest commercial discovery will further drive our diversification while adding value to our portfolio in Norway. Ultimately, today’s news further cements our position as a reliable gas supplier in Europe. It could also unlock significant potential in the region and extend the life of the Aasta Hansteen gas hub.“, said Berislav Gašo, Executive Vice President of Energy at OMV. According to Berislav, OMV aims to increase the share of gas in its production portfolio to 60% by 2030.

In March, Norway’s Aker BP (NYSE:BP) (OTCQX:AKRBF) has made a much larger than expected oil discovery in the Yggdrasil area of ​​the North Sea, the energy company reported Thursday.. Preliminary estimates suggest gross production of 40 to 90 million barrels of oil equivalent (boe), significantly higher than the company’s previous forecast of 18 to 45 million boe. A month later, the Norwegian oil and gas operator DNO-ASAhas made a significant gas and condensate discovery on the Carmen property in the Norwegian North Sea. A preliminary evaluation of extensive data indicates gross recoverable resources in the range of 120 to 230 million barrels of oil. Carmen is considered the largest discovery on the Norwegian continental shelf since 2013.

“Norway is a 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 history.“, said Bijan Mossavar-Rahmani, Executive Chairman of DNO.

Norway has become Europe’s largest supplier of natural gas after the continent severed ties with Russia following the war in Ukraine. Norway’s pipeline gas exports to continental Europe have been stable this year, with an average volume of 313 million cubic metres per day.

By Alex Kimani for Oilprice.com

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