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Norway discovery more than doubles remaining Norne oil reserves

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Norway discovery more than doubles remaining Norne oil reserves

Equinor said Oct. 4 that upon completion of the appraisal well on the Cape Vulture discovery in the northern Norwegian Sea, a potential 50 million to 70 million recoverable barrels of oil has been found, which more than doubles the remaining reserves to be produced from the nearby Norne field.

"The Cape Vulture discovery also opens additional opportunities in the area. As an immediate consequence we will already next year drill a well on a similar prospect on the Nordland Ridge. We are also maturing other opportunities for the coming years that may help substantially increase the reserves around the Norne field," said Nick Ashton, Equinor's senior vice president for exploration in Norway and the U.K.

Cape Vulture is seven kilometers northwest of the production vessel at the Norne field. Originally planned to be shut down in 2014, the life of Norne has been extended to 2036, which will generate spinoffs, Equinor said.

Natural gas exports from Norne to Europe began in 2001.

As operator, Equinor has a 63.95% stake in the Cape Vulture license, while Petoro AS holds a 24.55% interest and Eni S.p.A. has an 11.5% stake.