North Sea shipping demand could receive a big boost after DNO announced the largest new oil and gas find in Norway for 10 years.
The Oslo-listed group said it had discovered a “significant” reserve of gas and condensate in the Carmen prospect, sending its share price up 18%.
The Norwegian company put the reserves at between 120m and 230m barrels of oil equivalent, following preliminary evaluation of data including cores and fluid samples acquired from one of two discovery wells.
This is treble what it expected to find, DNO said.
DNO holds 30% of the licence, with Equinor and Aker BP also involved, with 10%.
Wellesley Petroleum is the operator with a 50% interest.
Offshore support ships such as platform supply vessels and anchor-handling tug supply units could benefit long-term, as could tankers and gas carriers.
The find comes after Norway increased gas production to fill the gap left by Russia’s exports to Europe being halted after the invasion of Ukraine.
Carmen is DNO’s sixth discovery in the Troll-Gjoa area since 2021 and is located close to existing infrastructure with clear routes towards commercialisation, the company said.
“Norway is the gift that keeps on giving,” said DNO’s executive chairman Bijan Mossavar-Rahmani.
“Carmen proves there are important discoveries still to be made and Norway’s oldest oil company, DNO, will be part of this next chapter of the country’s oil and gas story,” he added.
DNO started work on the PL1148 area of the North Sea in 2022 through its wholly owned subsidiary DNO Norge.
