Scandinavian energy giant Statoil has this morning doubled its reserves estimate on the North Sea Aldous discovery to up to 1.5billion barrels.
The part state owned firm described the find as “one of the largest on the Norwegian Continental Shelf”.
It said an appraisal well on the Aldous Major South discovery (PL265) discovery in the Norwegian sector of the North Sea had “confirmed significant additional volumes”.
Estimates for the license were now between 900million and 1.5billion barrels of recoverable oil equivalent (boe), doubling the previously estimates of between 400 and 800 million boe.
Statoil had previously said there are links between Aldous in PL265 and Avaldsnes in PL501 and that this is one large oil discovery.
“Aldous/Avaldsnes is a giant, and one of the largest finds ever on the Norwegian continental shelf,” said Tim Dodson, executive vice president for exploration in Statoil.
“Volume estimates have now increased further because the appraisal well confirms a continuous, very good and thick reservoir in Aldous Major South.”
Final data showed that the oil column in appraisal well 16/2-10 was approximately 60 metres, the firm said.
It said: “These data also confirm that the reservoir is of the same, excellent quality as in the Aldous Major South discovery well 16/2-8.
“This is the main reason for the substantial upward revision of PL265 volumes.
“The Aldous/Avaldsnes discovery extends over a large area of approximately 180 square kilometres, and there is considerable variation in both reservoir thickness and oil column height in the structure.
“Additional appraisal wells will be drilled in both licenses.”
Statoil said it will await the results from these wells before providing updated and more accurate volume estimates for the combined discovery.
After completion of the appraisal well, the Transocean Leader drilling rig will move to the Troll field in the North Sea.
Statoil is the operator and has a 40% interest in PL265. The partners are Petoro (30%), Det norske oljeselskap (20%) and Lundin Norway (10%).
Well 16/2-10 is the seventh exploration well in PL265.
Avaldsnes is located in production licence PL501. Lundin Norway is the operator with a 40% interest, while partners Statoil and Maersk have 40% and 20% interests, respectively.