The license is located 185km northwest of Bergen and 30km northeast of the Visund Field.
At water depth of 384 meters, the license is estimated to contain about 25 and 75 million barrels of recoverable oil.
With 40% interest, Total E&P Norge is the operator of the license. Other partners are Det norske oljeselskap, Bridge Energy Norge and Svenska Petroleum Exploration – they hold 20% stake each.
Under License 554, the well on the Garantiana prospect is the first exploration well, while other prospects are located close to the discovery and are being evaluated. The company is also planning to drill a second exploration well in the area.
Total has recently increased its exploration activity in Norway by drilling more wells on existing acreage, participating in exploration rounds, and also farming in as operator in PL554.
