French oil giant Total SA (TOT) said Wednesday it had participated in a
significant gas and condensation discovery in the Norwegian North Sea that
could prompt the group to set up a new processing hub in the area before the
end of the decade.
The King Lear well has encountered volumes estimated at between 70 million to
200 million barrels of oil equivalent, said Total in a statement.
The French company owns a 22.2% stake in the King Lear well, while Statoil
(STL.OS) controls the remaining 77.8%.
Total
shares trade 0.6% lower at EUR36.84.