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Statoil Discovers up to 75M Barrels at Valemon Nord

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Norway's Statoil reported Friday that it has made gas and oil discoveries at the Valemon Nord prospect in the North Sea, some 100 miles northwest of Bergen in the North Sea. Statoil estimates the total volumes found at Valemon North to be in the range of 20 to 75 million barrels of recoverable oil equivalent.

The main well (34/10-54 S) proved a gross 538-foot gas/condensate and oil column in a Middle Jurassic Brent Group reservoir. The sidetrack well (34/10-54 A) proved a 328-foot gas/condensate column in the Brent Group and in sand of unspecified Jurassic age as well as an additional gross 460-foot gas/condensate column in the Statfjord Group. Gas/condensate was also found in the Middle Jurassic Cook Formation.

"We are very satisfied with making a new discovery in the close proximity of the Valemon gas and condensate field currently under development," Irene Rummelhoff, Statoil Senior Vice President of Exploration for Norway, said in a company statement. 

"By proving additional volumes in the area we increase the reserves base in the Valemon Unit area and add value to the Valemon field development."

The Valemon field, discovered in 1985, is one of Statoil’s largest ongoing development projects on the Norwegian Continental Shelf, with recoverable resources estimated at 206 million barrels of oil equivalent.

The Valemon Nord wells were drilled by the Transocean Leader (mid-water semisub) rig. Statoil is the operator of the Valemon Unit area, with a 53.775-percent interest. Partners include Petoro, Centrica Resources and A/S Norske Shell, which hold 30 percent, 13 percent and 3.225 percent respectively.

 



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