Total says once-key Arctic field not commercially viable

Wed Nov 20, 2013 5:19am EST
 
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STAVANGER, Norway Nov 20 (Reuters) - French oil firm Total sees the development of the Norvarg gas field in the Norwegian Arctic as not commercially viable partly due to a disappointing resource estimate, a senior executive told Reuters on Wednesday.

"The original range was 10 to 50 billion cubic metres of gas. We are at 50 percent below that," Martin Tiffen, managing director of Total in Norway, said in an interview.

The partners in Norvarg are Canada's Ithaca, Norway's Statoil, Det norske, Rocksource and North Energy.

Total also said its Trell prospect in the North Sea, where it will start drilling the seabed in a week or two, could contain up to 100 million barrels of oil equivalent, although its expectations are for somewhat less than that.