MOL Norge Finds Oil, Gas In North Sea

MOL Norge AS, a subsidiary of MOL Group, and its joint venture partners have discovered oil and gas in an offshore field about 124.3miles (200 km) west of Stavanger in the Norwegian part of the North Sea.

The discovery occurred in the 820S license area after the groupof companies drilled an exploration well to 8701 ft. (2652 m) below sea leveland found several formations with oil and gas. Testing determined the formations provide about 3463 barrels of oil equivalent per day (boe/d) with the main formation estimated to have from 12 to 71 million boe/d. Additional analysis remains to determine the commercial potential of the discovery.

The working interest of the 820S license is MOL Norge AS with 40%; Lundin Norway AS (40%); Wintershall Dea Norge AS (10%) and Pandion Energy AS (10%). MOL Group came to Norway in 2015 through the acquisition (100%) of Ithaca Petroleum Norge. The drilling program began in 2018.

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