Tullow reports find in Norwegian North Sea

Company has 20 per cent stake in Cara oil and gas prospect

Tullow Oil chief executive Aidan Heavey Pic: RollingNews

Exploration and production company Tullow Oil has announced the discovery of oil and gas at a prospect in the North Sea off Norway.

In a statement, Tullow said drilling and testing of the Cara prospect in licence 636 – in which Tullow has a 20 per cent stake - had been completed.

The well encountered a gas column of 51 metres and an oil column of 60 metres with the operator estimating that between 25 million barrels of oil equivalent (boe) and 70 million boe have been discovered. The prospect is operated by ENGIE E&P Norge, which has a 30 per cent stake.

Tullow said it and its partners will now look at the possibility of linking this discovery to existing infrastructure at the nearby Gjøa field. Idemitsu Petroleum Norge (30 per cent) and Wellesley Petroleum (20 per cent) are the other stakeholders.

Last month, it was reported that Tullowplanned to sell its exploration and development licences in Norway in order to prioritise its investment in its core portfolio in Africa and South America.

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