North Sea giant Statoil is celebrating after making a major new find in the Norwegian Sea.
The find, on the Snilehorn prospect, could contain up to 100million barrels of recoverable oil equivalent, the company revealed.
The discovery marks the first time hydrocarbons have been proven in Grey Beds formation in that area of the Norwegian Sea.
“We are very pleased with the results of our near-field exploration programme in the Norwegian Sea this year,” said Statoil exploration vice president Gro Haatvedt.
“In three months we have made three new discoveries in the Norne, Åsgard and Njord areas proving a total of 86-166 million barrels of recoverable oil equivalent. These are high value barrels that allow us to extend the production life of our installations.”
Aberdeen-based oil and gas explorer Faroe Petroleum, a partner in the project, hailed the discovery.
“We are very pleased to announce a significant discovery on the Snilehorn Propsect, our second successful exploration well in the Norwegian Sea this year, following the Rodriguez discovery in January,” said chief executive Graham Stewart.
“The Snilehorn discovery has the potential to add new production at a low cost through a tie-back via the nearby Hyme field facilities, in which Faroe also participates with a 7.5% interest.”
Faroe also confirmed today it had spudded the Novus pospect, located 9km south of the Statoil-producing Heidrun oil field in the Norwegian Sea.
Drilling operations are being carried out by Faroe as operator using the West Navigator drillship. Water depth at the site is just under 300m and Faroe plans to drill the will to a total depth of about 3,200m.
“This is the second well in our six well exploration programme,” said Mr Stewart. “With material equity stakes across the prolific North Sea, Norwegian Se and Barents Sea in Norway, we have the real potential to generate considerable shareholder value.”
Recommended for you
