Norway’s Statoil oil and gas company has made a new gas discovery on the field, called Valemon West, according to the message posted on the company’s website.
Reportedly, the discovery near the Valemon field in North Sea is estimated to contain between 20 and 50 million barrels of oil equivalent.
"These new reserves can be put on stream immediately and will add considerable value. The discovery proves that there are still good opportunities in the North Sea, an area we know well, and its infrastructure is extensive," Gunnar Nakken, Statoil’s senior vice president.
Valemon is a gas and condensate field in the North Sea containing approximately 192 million barrels of oil equivalent.
Gas from Valemon is transported via the existing pipeline from Huldra to Heimdal, which is a hub for further transportation to European gas markets. Field production started on January 3, 2015.
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