Shell Gas Find in Norway May Be Biggest in 12 Years

Europe’s largest oil company, made a natural gas discovery at a record depth in the northern Norwegian Sea that may equal the size of Norway’s annual production of the fuel. The find may the biggest since Ormen Lange in 1997. Norway, the world’s fifth-largest oil exporter and second-biggest gas supplier, is boosting gas output to make up for dwindling crude production after 40 years of pumping oil. The country is opening more of its unexplored northern waters to drilling in areas such as the Norwegian Sea.

Shell, operator of the prospect, made the find in a wildcat well at a depth of 1,376 meters (4,515 feet), the greatest water depth ever in Norway, the directorate said. Wildcat wells are drilled in zones not known to be productive. Shell holds a 50 percent stake in the field and StatoilHydro ASA 40 percent. GDF Suez SA bought a 10 percent stake from Shell on Dec. 23, in a deal that was approved by the Norwegian authorities late May.

read more: Bloomberg



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