ConcoPhillips announces significant gas discovery offshore Norway

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ConocoPhillips said Wednesday it has made a significant gas discovery offshore Norway, sending its stock up 2% in premarket trade. The company said the discovery is 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 a 65% interest, while PGNiG Upstream Norway AS owns the remaining 35%. “Preliminary estimates place the size of the discovery between 50 and 190 million barrels of recoverable oil equivalent,” the company said in a statement. “Further appraisal will be conducted to determine potential flow rates, the reservoir’s ultimate resource recovery and plans for development.” Shares have fallen 45% in the year to date, hurt by the twin effects of lower energy prices and lower demand during the pandemic, while the S&P 500 has gained 9.7%.

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