Total says once-key Arctic field not commercially viable

Reuters

STAVANGER, Norway, Nov 20 (Reuters) - French oil firm Total sees the development of the Norvarg gas field in theNorwegian Arctic as not commercially viable partly due to adisappointing resource estimate, a senior executive told Reuterson Wednesday.

"The original range was 10 to 50 billion cubic metres ofgas. We are at 50 percent below that," Martin Tiffen, managingdirector of Total in Norway, said in an interview.

The partners in Norvarg are Canada's Ithaca,Norway's Statoil, Det norske, Rocksource and North Energy.

Total also said its Trell prospect in the North Sea, whereit will start drilling the seabed in a week or two, couldcontain up to 100 million barrels of oil equivalent, althoughits expectations are for somewhat less than that.

Rates

View Comments (0)