On December 22, 2020, ConocoPhillips announced a new oil discovery in production license 891 on the Slagugle prospect located roughly 22 kilometres north-northeast of the Heidrun Field in the Norwegian Sea.

ConocoPhillips Skandinavia AS is operator of the license with 80 per cent working interest. Pandion Energy AS is a license partner with 20 per cent working interest.

Preliminary estimates place the size of the discovery between 75 million and 200 million barrels of recoverable oil equivalent.

According to ConocoPhillips, extensive data acquisition and sampling has been carried out in the discovery well 6507/5-10, and future appraisal will be conducted to determine potential flow rates, the reservoir’s ultimate resource recovery and potential development plan.

Executive Vice President and Chief Operating Officer for ConocoPhillips, Matt Fox, said that this discovery marks the company’s fourth successful exploration well on the Norwegian Continental Shelf in the last 16 months.

“All four discoveries have been made in well-documented parts of the North Sea and the Norwegian Sea and offer very low cost of supply resource additions that can extend our more than 50-year legacy in Norway,” he said.

The discovery well was drilled in 1,165 feet (approx. 355 metres) of water to a total depth of 7,149 feet (2,179 metres) by the Leiv Eiriksson drilling rig.