The find illustrates the time it takes to develop new areas on the Norwegian shelf and the importance of the oil industry gaining access to new exploration blocks, says Lars Chr. Alsvik, senior vice president in Hydro.
The exploration well was drilled with the rig "Transocean Leader" about 290 kilometers west of Sandnessjøen. The find has been production tested with a demonstrated gas rate of approximately 120,000 sm3/day.
"The well has given us positive information and is positive for Hydro's position and the future development of the area. After Ormen Lange was found, no new commercial resources have been proven in deep water areas. Technical assessments remain, and there is a need for further exploration wells, before it can be determined whether the find can be exploited commercially," says Lars Christian Alsvik, who heads the Development Norway sector in Hydro's business area Oil & Energy.
Exploration well No. 6605/8-1 was drilled at a depth of 828 meters below sea level. The well has a total length of 4,490 meters.
Stetind was allocated in the 17th concessionary round and lies in one of the blocks that was highest on Hydro's priority list in this concessionary round.
The Stetind find is the sixth oil and gas find made by Hydro on the Norwegian Continental Shelf so far this year. Earlier this year finds of oil and gas have been made in the wells Astero, Peon, Troll Brent, J Central and Oseberg South B-11.
"To minimize the reduction in oil production on the Norwegian Continental Shelf it is important that active exploration continues in both new and mature areas," says Alsvik.
The exploration well will now be permanently plugged and abandoned.
License holders in Stetind (6605/8-1) are Norsk Hydro as operator with 30%; Chevron with 25%; ConocoPhillips with 25% and Petoro with 20%.
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