Norway: DNO announces major gas discovery

Partagez:

Norwegian oil company DNO announced on Monday that it had discovered natural gas in the Norwegian North Sea, potentially the country’s largest discovery in a decade.

Norway continues oil exploration despite climate emergency

The gas and condensate deposit found at the so-called Carmen prospect is estimated to contain between 120 and 230 million barrels of oil equivalent (MMBoe), DNO said in a press release. If the mid-point of this range (175 Mboe) were to be reached, it would make this the biggest discovery on the Norwegian continental shelf since 2013, he said.

“Norway is a perpetual gift,” commented Group CEO Bijan Mossavar-Rahmani.

Despite the climate emergency, Norway, which last year became Europe’s biggest gas supplier in the wake of the war in Ukraine, is struggling to break its dependence on the hydrocarbons that made its fortune. Last month, much to the chagrin of environmentalists, Oslo gave the go-ahead to 19 oil and gas projects (development or extension of fields, investments to increase hydrocarbon recovery rates…) with a total value in excess of 17 billion euros.

As the North Sea has already been extensively exploited, major discoveries have become rarer in recent years. Carmen remains limited in size compared with other Norwegian fields such as the behemoths Statfjord, Ekofisk, Johan Sverdrup and Troll, some of which have reserves in excess of 3 billion barrels of oil equivalent. However, its proximity to other deposits already discovered or brought on stream should facilitate its development. In addition to DNO, which holds a 30% stake, the project partners are Norway’s Wellesley Petroleum (50%), Equinor and Aker BP (10% each).

  • Populaires ​
Singapore sets SAF aviation levy until 2028 despite fuel price volatility
Exxon and QatarEnergy ask US for permission to re-export LNG from October
Plenitude and Modine launch 1.585 MWp solar power plant in Italy
China and the United States improve their energy performance in an unstable global context
BRICS: solar production exceeds 50% of global total in 2024
DNO secures USD 500 million financing linked to Norwegian gas
Norwegian group DNO ASA signs gas offtake contract with ENGIE and secures USD 500 million financing from a major US bank to guarantee future revenues from its Norwegian gas production.
Golar LNG raises $575mn through bond issuance and repurchases shares
Golar LNG Limited has completed a private placement of $575mn in convertible bonds due in 2030, using part of the proceeds to repurchase and cancel 2.5 million of its own common shares, thus reducing its share capital.
Shell ships first LNG cargo from its LNG Canada facility
Shell Canada Energy announces shipment of the first liquefied natural gas cargo from its LNG Canada complex, located in Kitimat, British Columbia, primarily targeting fast-growing Asian economic and energy markets.
Australia considers east coast gas reservation as market pressures intensify
The Australian government is considering the establishment of an east coast gas reservation as part of a sweeping review of market rules to ensure supply, with risks of shortages signalled by 2028.
The drilling fluids industry will reach $10.7bn by 2032 driven by oil expansion and chemical innovations
The increase in oil drilling, deepwater exploration, and chemical advances are expected to raise the global drilling fluids market to $10.7bn by 2032, according to Meticulous Research.
Enbridge Gas Ohio challenges tariff ruling cutting its revenues by $30mn
Enbridge Gas Ohio is assessing its legal options following the Ohio regulator's decision to cut its revenues, citing potential threats to investment and future customer costs.
Global small-scale LNG market to reach $31.78bn by 2030
The small-scale liquefied natural gas market is forecast to grow at an annual rate of 7.5%, reaching an estimated total value of $31.78bn by 2030, driven particularly by maritime and heavy-duty road transport sectors.
Europe extends gas storage obligations until 2027
The European Union extends gas storage regulations by two years, requiring member states to maintain a minimum fill rate of 90% to ensure energy security and economic stability amid market uncertainties.
Chevron and Energy Transfer Expand Their LNG Agreement at Lake Charles
Energy Transfer strengthens its partnership with Chevron by increasing their liquefied natural gas supply agreement by 50% from the upcoming Lake Charles LNG export terminal, strategically aiming for long-term supply security.
Woodside completes sale of 40% stake in Louisiana LNG project to Stonepeak
Woodside finalises the divestment of a 40% stake in the Louisiana LNG project to Stonepeak, injecting $5.7 billion to accelerate developments and optimise financial returns ahead of first gas delivery scheduled in 2026.
Keranic takes over Royal Helium and fast-tracks Steveville plant restart
Keranic Industrial Gas seals a sixty-day exclusivity deal to buy Royal Helium’s key assets, raise CAD9.5mn ($7.0mn) and bring Alberta’s Steveville plant back online in under fifteen weeks.
Fusion Fuel: Al Shola Gas secures AED4.4 mn ($1.2 mn) in contracts
The Irish-Portuguese company Fusion Fuel strengthens its footprint in the United Arab Emirates as subsidiary Al Shola Gas adds AED4.4 mn ($1.2 mn) in new engineering contracts, consolidating an already robust 2025 order book.
Cheniere Energy Approves Expansion of Corpus Christi LNG Terminal for 2029
Cheniere Energy validates major investment to expand Corpus Christi terminal, adding two liquefaction units to increase its liquefied natural gas export capacity by 2029, responding to recent international agreements.
LNG industry could reduce emissions by 60%, according to IEA
A study by the International Energy Agency reveals that global emissions from liquefied natural gas could be significantly reduced using current technologies.
Europe accelerates gas storage filling despite declining reserves
Europe is injecting natural gas into underground storage facilities at a three-year high, even as reserves remain below historical averages, prompting maximized imports of liquefied natural gas (LNG).
Seoul freezes electricity rates amid LNG supply risk concerns
South Korea abandons plans to lower electricity rates this summer, fearing disruptions in liquefied natural gas supply due to escalating geopolitical tensions in the Middle East, despite recent declines in fuel import costs.
Russia ready to deliver liquefied natural gas to Mexico
Russia positions itself to supply liquefied natural gas to Mexico and considers expanded technological sharing in the energy sector, according to Russian Energy Minister Sergey Tsivilyov.
Israel resumes gas exports to Egypt and Jordan
Israel has partially resumed its natural gas exports to Egypt and Jordan following a week-long halt due to the closure of two major offshore gas fields, Leviathan and Karish.
Nepal Identifies Major Methane Reserve Estimated at 112 Billion m³
Nepal reveals a significant potential reserve of methane in the west of the country, following exploratory drilling conducted with technical support from China, opening new economic prospects.
Petronas and JOGMEC Sign Strategic Agreement around LNG Canada Project
Petronas formalizes a memorandum with JOGMEC to secure Japanese LNG deliveries, including a first cargo from LNG Canada scheduled for July at Toho Gas.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS