UPDATE 1-Wintershall cuts Norwegian oil discovery but also finds gas

Wed Jan 15, 2014 8:57am EST

OSLO Jan 15 (Reuters) - German energy firm Wintershall slightly reduced the size of its oil discovery in the Skarfjell prospect near the Troll field in the Norwegian sector of the North Sea but also proved a gas resource, it said on Wednesday.

Wintershall, a unit of chemicals giant BASF, said the find, announced last year, is now estimated to hold between 63 million and 145 million barrels of oil, below an earlier estimate for between 60 million and 160 million.

But it also contains between 8 billion and 15 billion cubic metres of gas, giving the find a total resource of between 120 million and 230 million barrels of oil equivalent, the firm said after appraising it.

"This is likely the last well in the Skarfjell appraisal campaign. We are now in a position to begin evaluating a possible development," the firm said.

The company said it would start evaluating Skarfjell together with other discoveries in the area, potentially as a tie back to the Gjøa platform or other facility, or as a standalone development.

Wintershall holds 35 percent of the licence while other shareholders include Capricorn Norge (20 percent), Bayerngas (20 percent), Edison International (15 percent) and RWE (10 percent).

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