New Oil Discoveries In The Arctic

OMV AG (ADR) (OTCMKTS:OMVKY) (ETR:OMV) (FRA:OMV) made an announcement last week of an oil discovery in the Barents Sea in the Norwegian Continental Shelf. The discovery is a phenomenal breakthrough for the region as a whole because it points to the possibility of large potential in the area.

Wisting Central was the first well drilled in the Hoop area, where the discovery was made. The discovery marks a new exploration territory and demonstrates exciting potential in the area for other companies operating in the area. Exploration activities are currently being conducted in the area by ConocoPhillips (NYSE:COP), Wintershall and GDF Suez SA (EPA:GSZ) (OTCMKTS:GDFZY).

Also see: Oil Exploration in Nicaragua: Friends in High Places