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Oil discovery in the Barents Sea

Austrian company OMV has made a discovery of up to 50 million barrels of oil in one of the northernmost licenses in the Barents Sea.

The third drilling in license 537 in Norway has resulted in a minor discovery for Astria-based OMV, which has a share of 25% of the license, in which Petoro, Idemitsu, Tullow and Statoil also own shares,

The finding in the so-called Hanssen well is estimated to be between 20 and 50 million barrels of recoverable resources, largely oil. The well is a part of the so-called Hoop area, located mere than 300 kilometers north of the town of Hammerfest and is thus one of the northernmost licenses in the Barents Sea. Oil was discovered in the nearby Wisting wellthere last year as well, so there is reason to believe that the license holders are pleased with number 537 so far.

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