Italian Eni announced on Monday a new oil discovery in production license 554 located in the Garantiana West exploration prospect in the North Sea.

The discovery was made through Var Energi, a joint venture between Eni and HitecVision.

Var Energi and Aker BP each hold a 30% stake in the license, while Equinor holds 40% interest as the operator.

The well is located 30 km north of the Snorre Field, at a water depth of 385 meters.

Preliminary estimates place the size of the discovery between 35 and 65 million barrels of oil equivalent hydrocarbons in place with a total column of approximately 86 meters.

The encountered Cook FM sands were of medium to good reservoir quality, Eni reported.

Var Energi has ownership in more than 137 licenses and oil and gas production from 35 fields in Norway. It operates over the whole Norwegian continental shelf: the Goliat field in the Barents Sea, the Marulk field in the Norwegian Sea and the Balder and Ringhorne fields in the North Sea.

The company’s current production stands at approximately 300,000 barrels per day.

By Sibel Morrow

Anadolu Agency

energy@aa.com.tr