Norway's Equinor EQNR.OL and its partners have discovered oil near the Snorre field in the North Sea and plan a "rapid and cost effective" development of the new reserves, the state-controlled operator said on Monday.
Preliminary estimates put the size of the discovery, known as "Omega South Alfa," at between 25 million and 89 million barrels of recoverable oil equivalent, Norway's Offshore Directorate (NOD) separately said.
That would be a medium-sized find for Equinor.
Companies in Norway are seeking to extend the life of ageing oil and gas fields by exploring for nearby reserves that can be linked to existing platforms.
"The new discovery will be tied back quickly to existing subsea facilities and produced through the Snorre A platform," Equinor Senior Vice President Erik Gustav Kirkemo said in a statement.
"Since most of the infrastructure has already been paid off, these are competitive barrels," he added.
Norway meets around 20% of Europe's oil demand and 30% of its natural gas demand, according to Equinor.
Equinor operates the "Omega South Alfa" licence, while Petoro, Harbour Energy, INPEX Idemitsu 1605.T and Vaar Energi VAR.OL also hold stakes.
(Reuters)