Statoil Finds New Oil Source in GOM

Statoil has made an oil discovery on the Logan prospect, located at the southeast end of the Walker Ridge concession area in the Gulf of Mexico. The discovery confirms the potential of the Lower Tertiary formation in this area, stated Petrobras, a partner in the concession.

Drilled by the Discoverer Americas drillship, the well reached a total depth of 27,400 feet. Transocean's dynamic positioning drillship is rated to work in water depths of up to 12,000 feet and can reach a drilling depth of up to 40,000 feet.

Statoil made the Logan discovery through well WE 969 No. 1 in Block WR 969. Gathered data will be assessed to determine the commerciality of the find.

The Logan field is located about 249 miles to the southeast of New Orleans in a water depth of 8,642 feet. Statoil serves as the operator and holds a 35 percent working interest. Partners in the block include Petrobras America (35 percent), Ecopetrol America (20 percent) and OOGC (10 percent).

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