Det Norske Oljeselskap ASA is claiming as much as 20 million barrels more of the Johan Sverdrup oil field as it appeals a government decision that reduced its stake in the giant deposit offshore Norway.
The Trondheim-based company asked the government to raise its stake to 12.23 percent from the 11.57 percent it was awarded in a July 1 ruling by the Petroleum and Energy Ministry, according to an appeal letter dated Tuesday obtained by Bloomberg. The field holds as much as 3 billion barrels of oil, meaning a successful appeal may result in an increase of 20 million barrels.
“Det Norske asserts that the decision is invalid,” it said in the appeal. The ministry has misinterpreted the petroleum act and hasn’t provided sufficient justification for its decision, which constitutes a process error, the company said.
