OMV finds up to 140 million barrels of oil equivalent in Norwegian Sea

OMV (Norge) AS has announced a significant gas discovery in the Norwegian Sea, further solidifying its position as a key energy supplier in Europe. The deepwater exploration well, located approximately 300 kilometers west of the Norwegian mainland and 65 kilometers from the Aasta Hansteen field, has revealed preliminary recoverable volumes of up to 140 million barrels of oil equivalent (mn boe). This discovery could play a pivotal role in OMV’s strategy to increase the share of gas in its production portfolio to 60 percent by 2030, highlighting its commitment to transitioning towards more sustainable energy solutions.

Strategic Importance of the Discovery

The well, drilled by the Transocean Norge rig, targeted the “Haydn/Monn” exploration prospects within production license PL 1194. The operation has been lauded for its excellent health, safety, security, and environmental performance, marking it as a significant milestone for OMV and its partners, Vår Energi ASA and Inpex Idemitsu Norge AS, who each hold a 30 percent working interest in the license.

According to OMV Executive Vice President Energy, Berislav Gašo, “By focusing on gas as a transition fuel, OMV invests in affordable energy solutions and contributes to a more sustainable energy mix. A commercial discovery will further advance our diversification, while high grading our portfolio in Norway. Ultimately, today’s news further solidifies our position as a reliable gas supplier in Europe.”

Geographical and Geological Context

The gas discovery is strategically located near the existing infrastructure of the Polarled pipeline and the Aasta Hansteen field, which will likely facilitate a more cost-effective and environmentally friendly development process. The well encountered gas columns in both the primary exploration target in the Springar Formation and the secondary target in the Nise Formation, both in the Upper Cretaceous. The gas column in the primary target was around 20 meters thick, with a reservoir quality ranging from moderate to good. The gas/water contact was not encountered, but initial estimates suggest the size of the discovery in this formation could range between 4-12 million Sm3 of recoverable oil equivalent.

In addition to this, gas-filled sandstone layers in the lower part of the Springar Formation and the Nise Formation revealed further potential, although the exact size of these discoveries remains uncertain. The well was drilled to a total depth of 5123 meters below sea level and has since been permanently plugged and abandoned.

Potential and Future Developments

The discovery is not just a significant addition to OMV’s portfolio but also an important step in extending the operational life of the Aasta Hansteen gas hub, in which OMV already holds a stake. The partners in PL 1194 will continue to evaluate the discovery’s commercial viability, with plans to potentially link the new field to existing infrastructure for faster and more efficient development. Leveraging existing facilities could result in lower development costs and a reduced carbon footprint, aligning with OMV’s broader sustainability goals.

This discovery, combined with OMV’s strategic focus on gas, reinforces the company’s position as a leading player in the European energy market, providing a robust foundation for future growth and diversification.