Statoil Finds up to 50M Barrels in the Barents Sea

Statoil Finds up to 50M Barrels in the Barents Sea

Norway's Statoil reported Monday that it has made an oil discovery estimated at between 20 and 50 million recoverable barrels at the Skavl prospect in Norwegian production license 532 in the Barents Sea.

Well 7220/7-2S, drilled close to the Johan Castberg discovery by the West Hercules (DW semisub) rig, has proven a 72-foot gas column and a 76-foot oil column in the Jurassic Tubåen formation, as well as a 436-foot oil column in the Triassic Fruholmen formation.

Statoil estimates the volumes in Skavl to be in the range of 20 - 50 million barrels of recoverable oil.

"Statoil puts a lot of effort into proving additional oil resources in the Johan Castberg area in order to make the field development project more robust. We are pleased to see that our efforts now pay off," Gro G. Haatvedt, Statoil's senior vice president for exploration on the Norwegian continental shelf, said.

"Skavl was the third of the four wells in the Johan Castberg area we have on our drilling plan this year. The first two wells, Nunatak and Iskrystall, proved only gas, but we know from experience that it takes stamina and persistence to succeed in the Barents Sea.

"It is also encouraging that we have confirmed a new play model in the area with the oil discovery in the Fruholmen formation, something which will be followed up in future exploration."

Statoil operates PL532 with a 50-percent stake. Partners Eni Norge and Petoro hold 30 percent and 20 percent respectively.

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