Business News
Shell announces natural gas find in Norway
Jun 23, 2009, 8:45 GMT
London - Energy group Royal Dutch Shell has discovered a large natural gas reserve in Norway that may equal the country's annual existing output, a spokesman for the group confirmed on Tuesday.
According to early estimates, the new gas field could provide up to 100 billion cubic meters of gas - Norway's annual output of the resource.
The discovery was made during prospecting in the Norwegian Sea at Gro, some 400 kilometres off the coast of Norway. Engineers working on the joint project between Shell, Norway's StatoilHydro and French energy group GDF drilled at a depth of 1,376 metres, a record in the Norwegian Sea.
The new natural gas source would make Norway the third largest exporter of the fuel worldwide. Previously, the Scandinavian country stood fifth, behind Canada and Iran.
Norwegians use neither gas nor oil for their own needs. Energy is derived mainly from hydroelectric plants.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
