US oil giant ConocoPhillips today announced a new oil discovery in the Norwegian Sea which could yield up to 200 million barrels.
The Slagugle discovery was made 14 miles north-northeast of the Heidrun Field in license 891.
ConocoPhillips holds an 80% working interest, while Pandion Energy has 20%.
Pandion claimed Slagugle was the largest discovery on the Norwegian Continental Shelf in 2020.
Preliminary estimates place the size of the discovery between 75 million and 200 million barrels of recoverable oil equivalent.
Extensive data acquisition and sampling has been carried out in the discovery well 6507/5-10.
Future appraisal will be conducted to determine potential flow rates, the reservoir’s ultimate resource recovery and potential development plan.
Matt Fox, Conoco executive vice president and chief operating officer, said: “This discovery marks our fourth successful exploration well on the Norwegian Continental Shelf in the last 16 months.
“All four discoveries have been made in well-documented parts of the North Sea and the Norwegian Sea and offer very low cost of supply resource additions that can extend our more than 50-year legacy in Norway.”