Statoil, Partners Hit Significant Oil Pay in North Sea

- Statoil, Partners Hit Significant Oil Pay in North Sea

Monday, August 08, 2011
Statoil

Statoil and partners Petoro, Det norske and Lundin have made a high-impact oil discovery on the Aldous Major South prospect (PL 265) in the North Sea.

Well 16/2-8, drilled by the Transocean Leader drilling rig, has identified an approximately 65-meter oil column in Jurassic sandstone. The acquired data confirm that this is a reservoir of excellent quality.

Statoil has previously described the well as a high-impact well, and the result confirms Statoil's belief in the exploration potential on the Norwegian continental shelf in line with what was communicated at the Capital Markets Day event in New York in June.

Preliminary volumes are estimated to be between 200 and 400 million barrels of oil equivalent (boe) for this part of the structure in PL 265, and Statoil expects additional upside in the license both north and south of the discovery.

Aldous Major South is located west of Lundin's Avaldsnes discovery (license PL 501), where Statoil has a 40% stake, and some 35 kilometers south of the Statoil-operated Grane field.

Well 16/2-8 indicates the same oil-water contact as in the Avaldsnes discovery well, which suggests the likelihood of communication between the two structures. The Avaldsnes discovery encountered a 17-meter oil column. Statoil will update its total resource estimate for the area when the wells are completed and the data analyzed.

"Aldous Major South is a considerable oil discovery in one of Statoil's core areas. Together with the Avaldsnes discovery this may allow for a new stand-alone development in the North Sea. As the largest resource owner our priority is to find the optimal solution for the area, adding maximum value to all partners," said Gro G. Haatvedt, Statoil's senior vice president for Exploration on the Norwegian continental shelf.

After completing this well Transocean Leader will start drilling the Aldous Major North well. This well also has a considerable volume potential.

The partnership is planning two appraisal wells in PL 265 next year and Statoil has secured rig capacity for this.

The result of the ongoing drilling of the Lundin-operated well (well 16/2-7) in the Avaldsnes structure will help further clarify the area’s potential.

Aldous Major South is located in license 265. Statoil is the operator and has a 40% interest. The other partners are Petoro (30%), Det norske oljeselskap (20%) and Lundin (10%).

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