Vidsyn Discovery Enhances DNO ASA's Oil and Gas Portfolio
DNO ASA's Remarkable Vidsyn Discovery in the Norwegian Sea
Recently, DNO ASA has made a significant stride in the oil and gas sector with the confirmation of a new gas and condensate discovery at the Vidsyn prospect. This prospect is strategically located near the Fenja oil and gas field, set within license PL586 in the Norwegian Sea. With a recent acquisition of Sval Energi Group AS, DNO ASA's stake in this license has increased to 25%, an impressive rise from the previous 7.5%.
Estimating the Resource Potential
Preliminary evaluations reveal that the gross recoverable resources from the Vidsyn discovery are estimated to range between 25 to 40 million barrels of oil equivalent (MMboe), with a mean estimate of 31 MMboe. This estimate exceeds the pre-drill expectations, marking Vidsyn as a noteworthy find in high-quality Middle Jurassic reservoir sandstones of the Ile formation. The partnership involved, led by Vår Energi ASA with a 75% stake, firmly believes this discovery is commercially viable, with significant potential to access even larger volumes in the surrounding license.
Statements from Company Leadership
Commenting on the discovery, Executive Chairman Bijan Mossavar-Rahmani noted, "Vidsyn is another exciting addition to our string of Norway discoveries. Together with Vår Energi, we are eager to fast-track its production ahead of the typical timelines in Norway." This optimism points toward the strategic importance of Vidsyn in DNO's ongoing operational objectives.
Strategic Positioning in the Region
Positioned just eight kilometers from the Fenja field, Vidsyn further cements DNO's foothold in the North Sea region. The Fenja field benefits from existing infrastructure, being tied back to the facilities operated by Equinor at the Njord field, located 35 kilometers away. This setup allows for efficient transportation of Njord oil via shuttle tankers and facilitates the piping of gas to market through the Åsgard Transport System.
Robust Exploration Strategy
Since re-entering the Norwegian market in 2017, DNO has been proactive, contributing to over a dozen discoveries on the Norwegian Continental Shelf. Among these, the Company has been directly involved in three significant permits: Kjøttkake, Othello, and Norma, all showcasing DNO's commitment to expanding its operational scope.
Production and Future Plans
Currently, DNO ASA produces around 80,000 barrels of oil equivalent daily from more than 30 fields across the North Sea. With six ongoing field development projects, the Company is busy maturing multiple discoveries for project sanction. Additionally, they have interests in an impressive total of 138 permits in the North Sea, leading to exploration plans that include upcoming drilling of three wells: Page in PL1086 with a 50% operator interest, Tyrihans Øst in PL1121 with 30%, and Camilla Nord in the Vega unit with 5.5%.
Contact Information
For further information regarding this discovery and related inquiries, stakeholders and interested parties can reach out to DNO ASA's media and investor relations teams. Media inquiries can be sent to media@dno.no, while investor-related questions should go to investor.relations@dno.no.
DNO ASA Overview
DNO ASA is a prominent Norwegian oil and gas operator actively exploring opportunities across the Middle East, North Sea, and West Africa. Since its establishment in 1971, and listed on the Oslo Stock Exchange, the Company boasts a diverse portfolio of onshore and offshore licenses spanning various stages of exploration, development, and production across multiple regions, including Norway, the United Kingdom, and Yemen, among others. Further insights into DNO ASA's activities can be found through their official website.
Frequently Asked Questions
What is the Vidsyn discovery?
The Vidsyn discovery is a recent gas and condensate find made by DNO ASA, located in the Norwegian Sea, which holds considerable potential for commercial viability.
How much oil equivalent is estimated at Vidsyn?
The preliminary estimates suggest that Vidsyn could contain between 25 to 40 million barrels of oil equivalent.
Who operates the Vidsyn prospect?
The Vidsyn prospect is operated by Vår Energi ASA, which holds a 75% stake in the partnership.
What is DNO ASA's production capacity?
DNO ASA currently produces around 80,000 barrels of oil equivalent per day from more than 30 fields in the North Sea.
How to get in touch with DNO ASA for inquiries?
Media inquiries can be directed to media@dno.no, while investor inquiries should be sent to investor.relations@dno.no.
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