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Equinor-led consortium finds oil in Barents Sea

A consortium led by Equinor ASA made an oil discovery with the Sputnik exploration well in the Barents Sea, according to an Aug. 20 news release from the Norwegian company.

Sputnik's recoverable resources are initially estimated at between 20 million and 65 million barrels of oil. The Sputnik well is in PL855, about 30 kilometers northeast of the Wisting discovery that is estimated to have recoverable volumes of 440 million barrels of oil.

The consortium will still assess whether Sputnik's volumes could be recovered in a commercially viable way.

Sputnik is among five wells that Equinor expects to complete this year. The others are Gjøkåsen, Gjøkåsen Deep, Korpfjell Deep and Mist.

Equinor holds a 55% stake in PL855, OMV AG owns a 25% interest, and Petoro AS has a 20% stake.