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Statoil Proves New Resources on its Gullfaks License

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Statoil Proves New Resources on its Gullfaks License

Norway's Statoil reported Friday that it has proven significant additional resources within the Shetland Group/Lista Formation in its Gullfaks license in the Norwegian North Sea.

Statoil said that preliminary calculations indicate that the discovery contains between 40 million and 150 million recoverable barrels of oil equivalent. However, the company cautioned that this resource estimate involves a "high degree" of uncertainty and that data gathering and studies are currently ongoing to clarify the potential and further development of the resources.

Production well 34/10-A-8 on the Gullfaks A platform, where the well test is being carried out, is currently producing at a rate of 7,500 barrels per day, the firm added. The well has produced nearly one million barrels since December 2012.

"The discovery provides new volumes that can give high-value production in a short time as well as new and promising perspectives for the field and the installations," Øystein Michelsen, Statoil's executive vice president for Development and Production Norway, commented in a company statement.

"This is a result of Statoil's strategy for revitalization of the Norwegian continental shelf."

Located in the Tampen area in the northern North Sea, Gullfaks came on stream Dec. 22 1986. The field development consists of three permanent installations, which have produced more than 2.4 billion barrels of oil and more than 56 billion cubic meters of gas.

Statoil, the operator, holds a 70-percent interest in the Gullfaks field, while its partner Petoro holds 30 percent.



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