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Commodities

Equinor makes oil discovery in the U.S. Gulf of Mexico

FILE PHOTO: Equinor's logo is seen next to the company's headquarters in Stavanger, Norway December 5, 2019. REUTERS/Ints Kalnins/File Photo

OSLO (Reuters) - Norwegian oil firm Equinor has proved oil presence at its Monument exploration well in the U.S. Gulf of Mexico, but more drilling will be needed to establish its size, the company said on Monday.

“We are pleased to have proved an accumulation of movable hydrocarbons in the Monument exploration well. However, determining the full potential of the discovery will require further appraisal drilling,” the company said in a statement.

Equinor has a 50% stake at the prospect, while its partners Progress Resources and Repsol have 30% and 20% respectively.

Reporting by Nerijus Adomaitis, editing by Gwladys Fouche

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