ConocoPhillips Announces Significant Gas Discovery Offshore Norway

ConocoPhillips (NYSE: COP) today announced a new gas condensate discovery in production license 1009 located 22 miles northwest of the Heidrun Field and 150 miles from the coast of Norway in the Norwegian Sea.
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ConocoPhillips (COP) - Get Report today announced a new gas condensate discovery in production license 1009 located 22 miles northwest of the Heidrun Field and 150 miles from the coast of Norway in the Norwegian Sea. ConocoPhillips Skandinavia AS is operator of the license with 65 percent working interest. PGNiG Upstream Norway AS holds 35 percent working interest.

The discovery well, 6507/4-1 (Warka), was drilled in 1,312 feet of water to a total depth of 16,355 feet. Preliminary estimates place the size of the discovery between 50 and 190 million barrels of recoverable oil equivalent. Further appraisal will be conducted to determine potential flow rates, the reservoir's ultimate resource recovery and plans for development.

"We have built a strong position on the Norwegian shelf since the discovery of the Ekofisk Field in 1969 and we are a very active industry operator and partner across the North Sea and the Norwegian Sea," said Matt Fox, executive vice president and chief operating officer. "This discovery, potentially the largest on the Norwegian Continental shelf this year, bolsters our position in the Norwegian Sea and the Heidrun area. The Warka discovery and potential future opportunities represent very low cost of supply resource additions that can extend our multi-decade success on the Norwegian Continental Shelf."

The Warka well was drilled by the Leiv Eiriksson drilling rig, which upon completion of the well will proceed to drill exploration well 6507/5-10 S (Slagugle) in production license 891, which is located 14 miles north-northeast of the Heidrun Field. ConocoPhillips Skandinavia AS is operator of production license 891 with 80 percent working interest and Pandion Energy AS holds 20 percent working interest.

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About ConocoPhillips

Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 15 countries, $63 billion of total assets, and approximately 9,800 employees at Sept. 30, 2020. Production excluding Libya averaged 1,108 MBOED for the nine months ended Sept. 30, 2020, and proved reserves were 5.3 BBOE as of Dec. 31, 2019. For more information, go to www.conocophillips.com.

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