DNO is assessing the reserve potential from the Carmen discovery. Preliminary data put the gross recoverable reserves in the range of 120 million to 230 million barrels of oil equivalent. At the midpoint of that range, Carmen would be the largest discovery on the Norwegian continental shelf since 2013.
"Norway is the gift that keeps on giving," said DNO's Executive Chairman Bijan Mossavar-Rahmani. "Carmen proves there are important discoveries still to be made and Norway's oldest oil company, DNO, will be part of this next chapter of the country's oil and gas story."
While total production of oil and natural gas pale in comparison to the likes of the United States, Norway plays a vital role in supporting energy security in the markets of Europe and the United Kingdom.
The United Kingdom, the Netherlands and Sweden take up about half of Norway's total exports of natural gas. Almost all of its crude oil exports go to European economies.
Norway's own economy is unique. It's one of the main oil and natural gas suppliers to the regional economy while relying on renewable resources for much of its own energy needs.
For May, the last full month for which the government published data, total Norwegian crude oil production was up 8.4% from year-ago levels, though gas production was down 15.5% from last year.
Carmen, DNO's sixth discovery in the region since 2021, is close to existing infrastructure and has a clear path to commercialization, the company said.
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