Norsk Hydro finds gas at Stetind

Sep 30, 2005 02:00 AM

Norwegian petroleum giant Hydro's new find of gas at Stetind off the coast of Helgeland in Nordland County may be massive.
Nordic investment house ABG Sundal Collier referred to a Hydro source that claimed seismic data from Stetind indicated the field could be one of the last great finds on the Norwegian shelf.

An estimate of 500 mm barrels of oil equivalent would not be unreasonable for a find of this type.
"The well has given us positive information and is positive for Hydro's position and the future development of the area. Technical assessments remain, and there is a need for further exploration wells, before it can be determined whether the find can be exploited commercially," Lars Christian Alsvik, head of the Development Norway sector in Hydro Oil & Energy, said.

The Stetind find is the sixth oil and gas find made by Hydro on the Norwegian Continental Shelf so far this year.

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