Statoil announces small oil discovery in the Oseberg Area Unit

Friday, March 23, 2012
  • Statoil, together with partners in the Oseberg Area Unit, has made a small oil discovery in the production licence PL053 in the North Sea.

Statoil and its partners are in the process of concluding drilling operations in the exploration well 30/6-28S.

The well drilled by the rig COSL Pioneer proved an oil column of 12 metres in the Statfjord Formation. The estimated volume of the discovery is in the range of 12-18 million barrels of recoverable oil equivalents.

'The oil discovery is located beneath the Oseberg field and is a good candidate to be connected to the Oseberg production facilities. These could be fast and high-value barrels for the partnership,' says Knut Henrik Dalland, vice president Operations Oseberg. The oil discovery lies in the Crimp Prospect, which was the secondary target for the exploration well 30/6-28S. The primary target was the Crux Prospect that Statoil earlier defined as a high impact gas opportunity.

With the Crux Prospect Statoil tested a hypothesis for the existence of a separate gas-filled structure underlying the Oseberg field. However, the Crux prospect did not contain hydrocarbons.

"The well 30/6-28S had two objectives. First, to test a new play in the area - the Crux Prospect, which was a high risk / high reward opportunity. Second, to test an infrastructure-near prospect called Crimp, with relatively modest volumes but attractive economics. Unfortunately, we have not found gas in the Crux Prospect, but we are pleased with the oil discovery in Crimp. Even though our high impact opportunity has not materialised, we have delivered some valuable additional resources to the Oseberg Unit,' says Tore Løseth, vice president Exploration Licenses North Sea.

After completion of the exploration well 30/6-28S, the COSL Pioneer drilling rig will move to the Glitne field.

Exploration well 30/6-28S is situated in the production licence PL053 in the Oseberg Area Unit in the North Sea. Statoil is the operator and has a 49.3 % interest. The partners are Petoro (33.6 %), Total E&P Norge (10.0 %), ExxonMobil E&P Norway (4.7 %) and ConocoPhillips Skandinavia (2.4 %).

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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