OMV discovers oil in the Barents Sea

Oil and gas company OMV has announced that it has found oil in the Barents Sea.

Jaap Huijskes, a member of OMV's Executive Board in charge of exploration and production, said he was very satisfied with the Arctic find.

- This discovery will significantly contribute to OMV's long-term organic growth in northern Europe. It is another important step after the recently announced transaction with Statoil that includes stakes in oil fields Gullfaks and Gudrun - he said.

According to first estimates, it is assumed that the find contains between 60 and 160 million barrels of recoverable oil and between 10 and 40 billion cubic feet of recoverable gas.