Statoil and Total E&P Make North Sea Gas, Condensate Discovery

Statoil announced Thursday that it has made a gas and condensate discovery in the North Sea’s Julius prospect, with the help of its PL146/PL333 partner Total E&P Norge.

The discovery well 2/4-23S, which was drilled by Maersk Gallant (394’ ILC), fulfilled its primary exploration target by proving gas and condensate in the well’s Ula formation. Statoil estimates the volumes in Julius to be between 15 and 75 million barrels of recoverable oil equivalent.

Well 2/4-23S also aimed to appraise the King Lear gas and condensate discovery made by the PL146/PL333 partnership in 2012. The well provided important information on reservoir distribution and reservoir communication in the King Lear discovery, according to Statoil, and the acquired data will now be further analysed.

Following the appraisal, Statoil stated in a press release that “King Lear volumes will stay within the previously communicated range of 70-200 million barrels of recoverable oil equivalent”.

May-Liss Hauknes, Statoil vice president for exploration in the North Sea, commented in a company statement:

"The King Lear and Julius discoveries are located in one of the most mature parts of the Norwegian continental shelf, just 12 miles north of Ekofisk, the first commercial NCS discovery made 45 years ago. The discoveries confirm Statoil’s view that even such mature areas of the NCS still have an interesting exploration potential."

Edward Prestholm, acting head of early phase field development on the NCS in Statoil, stated in a Statoil press release:

"Since the King Lear discovery, the main focus of the license partnership has been to clarify the resource basis within PL146/PL333. Following the positive results of the Julius well, the partnership will start working on an optimal plan for a timely development of the discovered resources. The Julius discovery will be included in the resource base for a future PL146/PL333 development decision."

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