Statoil Begins New Well in Barents Sea

Transocean Sedco Forex's semisubmersible, Transocean Arctic, has commenced drilling a new exploration well in the Delta structure in block 7121/5 southeast of the Snohvit field in the Barents Sea for Statoil. The structure is located 75 miles northwest of Hammerfest in approximately 1,132 feet of water. The plan is to drill to a total depth of 7,165 feet. The licensees in Sn°hvit intend to send a plan for development and operation (PUD) to the Ministry of Petroleum and Energy in summer 2001. Evaluations will also be made to find alternative solutions for profitable development of the Snohvit area.

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