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Barents oil find confirmed

Contributed by Torodd Bergstøl
Friday, 02 March 2007
The Norwegian Oil Directorate has confirmed a Norsk Hydro oil strike in the Barents Sea, 65 km north of Honningsvaag. The find may be larger than the Goliath Field.



The new Nucula Field could contain as much as 300-350 million barrels of oil, compared to the estimated 250 million barrels of the Goliath.
The two fields are located only 45 km apart. The Nucula test well was drilled to a depth of 1692 metres.
In adddition to operator company Hydro, Eni Norway, BG Norway and Petoro are part owners of the production license.
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