Finland's Fortum Corp. said Thursday it has made an oil discovery in the Norwegian sector of the Barents Sea that could contain as much as 300 million bbl of reserves.
The discovery was made after an exploration well was drilled in production license area 229. Drilled in 381 meters of water to a total depth of 1,500 meters below sea level, the well reached proven oil in sandstone deposit. Norsk Agip, the well's operator and 25% interest owner, will evaluate the data gathered on the well to determine the size of the discovery. The Norwegian Petroleum Directorate said the discovery could contain 175 to 300 million bbl of oil.
Fortum holds a 15% interest in the well. Other partners include Phillips Petroleum Co., 25%; the state of Norway, 20%; and Enterprise Oil, 15%.
