Statoil Reports North Sea Discovery

Statoil has found oil in well 30/11-8 S on the Krafla prospect in the Norwegian sector of the North Sea. Based on preliminary calculations the size of the discovery is between 12.5 and 56.5 million barrels of recoverable oil equivalent.

Drilled by the Ocean Vanguard semisub, the well proved a column of around 656 feet (200 meters) in good quality reservoir rocks. The operator is still collecting data from the well but thus far, the results indicate Krafla is an oil discovery.

When the well is completed, Statoil will drill a sidetrack well on Krafla West, which is located west of the recently drilled well. It is estimated the find will be developed and produced by tie-back to one of the subsea installations in the Oseberg area.

The discovery is covered by Production Licenses 035 and 272, which is operated by Statoil. Partners on the license include Det norske (25%) and Svenska Petroleum (25%). 

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