Norwegian oil group DNO slashes recoverable resources estimate for Carmen field

Equinor ASA

Mon 09:27

COPENHAGEN, June 22 (Reuters) - Norwegian oil and gas group DNO < DNO.OL> said on Monday it had lowered its estimate for recoverable oil and gas resources from the Carmen prospect, which was discovered in 2023.
DNO said in a statement it now estimates recoverable resources of 21-107 million barrels of oil equivalent (MMboe), down substantially from a preliminary estimate given in 2023 of 120-230 MMboe.
The company in 2023 estimated Carmen was the largest discovery on the Norwegian Continental Shelf in a decade.
It said on Monday the bulk of recoverable volumes was found in the Etive Formation with reservoir quality in the formation ranging from moderate to poor. 
DNO and partners will evaluate hydraulic fracturing to enhance recovery from the in-place volumes, and are also considering further appraisal and exploration drilling, it said.
DNO owns 30% of Carmen. Operator Wellesley Petroleum also owns 30%, while Equinor EQNR.OL owns 30% and Aker BP AKRBP.OL owns the remaining 10%.

 (Reporting by Louise Rasmussen, editing by Anna Ringstrom)
 ((Louisebreusch.rasmussen@thomsonreuters.com))