According to the company’s press release, newly discovered recoverable oil reservoirs are estimated in the range of 25 to 75 million barrels.
Total E&P Norge has a 40 percent share of the license area and is the project operator. Companies Det Norske, Norge AS and Svenska Petroleum Exploration owns 20% share in the project.
“This opens up new prospects for oil in the area,” – said Patrice de Vivies, vice-president of Total Exploration and Production in Northern Europe.
Total in recent years stepped up exploration activities in Norway having increased the number of wells in the existing areas and participating in new licensing rounds.
Total began to play a significant role in the development of Norwegian fields since the 1960’s. The company has interests in 90 licenses on the Norwegian shelf, in 22 of which Total is the operator.