Norway's Vaar Energi makes oil and gas discovery in Norwegian Sea
Preliminary estimates indicate that the discovery holds recoverable reserves of between 25 million and 40 million barrels of oil equivalent, Vaar said in a statement.
The company said it will evaluate the discovery and consider development as a tie-in to the existing Fenja oil and gas field.
"Together with Vaar Energi, we will work hard to put it into production faster than is the norm in Norway," Bijan Mossavar-Rahmani, chairman of DNO (DNO.OL), opens new tab, which owns a 7.5% stake in the field, said in a separate statement.
Vaar Energi owns 75% of the exploration permit, while Sval Energi holds the remaining 17.5%.
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