The integrated oil and gas company OMV has discovered new oil reserves in northern Barents Sea. The valuable finding came as a result of research authorized in 2009 by the PL 573 license. According to Jaap Huijskes, OMV’s exploration and production expert and executive board member, the discovery will significantly contribute to OMV’s long-term organic growth in Northern Europe. The Barents Sea discovery will be yet another important step for the company after the recently-announced transaction with Statoil, which includes interests in the Gullfaks and the Gudrun fields.

OMV, operating under exploration license PL 537, drilled a well on the ocean floor at the water depth of 373 meters (1,223 feet). The depth of the well below the sea level is 905 meters (2,969 feet). Oil reserves were confirmed by means of wireline logging, wireline testing, and coring. Since the presence of oil has been verified, OMV will securely plug the well, now named Wisting Central, with a permanent patch. The company does not intend to use this well further.

Exploratory drilling was completed only for the purpose of confirming the presence of hydrocarbons. No exploration was previously done in the area. OMV will continue the search for hydrocarbons during 2014 at sites where exploration is authorized by three additional licenses, which the company can use through its joint ventures.

The expected volume of oil recovery at the section of the Barents Sea ranges between 60 and 160 million of barrels, according to preliminary estimates. Up to 40 billion cubic feet of natural gas is also expected to be extracted at this location. OMV will drill a second well, already named Wisting Main, to confirm preliminary estimates and gather additional information. The ownership of the current license is shared by OMV with a 25-percent stake and a position of an operator, Petoro, Idemitsu, and Tullow, each of which own 20 percent, as well as Statoil, which holds a 15-percent stake.