It is unclear if the discoveries offshore Namibia are big enough for Shell to go ahead with the development of the country’s first deepwater field, sources say.
The Wyoming-focused E&P company currently estimates the total reservoir volume of the discovery to be 1.5 billion to 1.9 billion barrels of oil in place.
Recent discoveries in the Troll and Fram area show that even mature areas can be revitalized based on new information and modern exploration technology, Equinor said.
Fangtooth and Lau Lau discoveries will add to previous recoverable resource estimate of approximately 10 billion oil-equivalent barrels, says Exxon Mobil and project partner Hess in separate releases.
Data from Rystad Energy show total oil and gas volumes discovered worldwide in 2021 have fallen dramatically, though some companies have chalked up exploration wins.
Simulation modelling indicates potential rates of 2,100 barrels of oil equivalent per day.
The discovery, just north of the Tyrihans Field and west of the Kristin development in the Norwegian Sea, was the state-controlled firm's sixth find in domestic waters this year, Equinor said.
Norway will continue to explore for oil and gas in the next four years, with most new drilling permits to come in mature regions of its oceans, the incoming government said on Oct. 13.
The European Commission proposal reflects the EU's efforts to boost its role on the global stage, though it has limited influence in the Arctic.
Hess CEO John Hess said he sees "multibillion barrels of additional exploration potential remaining on the block."