OMV finds Arctic oil and gas in Norway's northernmost discovery

|About: OMV AG (OMVJF)|By:, SA News Editor

Austrian oil and gas company OMV (OMVJF.PK) says it discovered up to 164M barrels of oil and up to 40B cf of gas in the Barents Sea, and the license area in which the find was made could hold up to 500M barrels, in the northernmost discovery in Norway's Arctic.

The find is a big boost for the region after Statoil (STO) put its 600M bbl, $15.5B Johan Castberg project on hold earlier this year because of rising costs.

OMV holds a 25% stake in the license, Idemitsu Petroleum Norway holds 20%, Petoro 20%, Tullow Oil (TUWLF.PK, TUWOY.PK) 20% and Statoil 15%.