ConocoPhillipis Discovers 200 Million Barrels Of Oil In Norway

On Tuesday, ConocoPhillips made an oil discovery in the Norwegian Sea north of the Heidrun field, the country’s Petroleum Directorate.

The NPD said, that the discovery is estimated to hold between 76 million and 201 million barrels of recoverable oil equivalent, and could potentially be developed by using the existing infrastructure in the area. ConocoPhillips has an 80% post in the license where the well was drilled, while discreetly held Pandion Energy holds the remaining 20% stake. In the past two months this was the second petroleum discovery made by ConocoPhillips in the Norwegian Sea. In November, the U.S. firm found Natural Gas southwest of the Skarv field.