Important Oil Discovery in Barents Sea
Equinor revealed Monday that a new oil discovery has been made though the Barents Sea Skruis exploration well, which is located in the Johan Castberg license.
The well confirmed a volume of between 12 and 25 million recoverable barrels of oil, according to Equinor. Skruis is the first operated exploration well drilled by the company this year in the Barents Sea.
The asset’s partners - Equinor, Eni and Petoro - will now “further consider tie-in of the discovery to Johan Castberg,” Equinor said in a company statement. The Johan Castberg field, which is estimated to have recoverable reserves of between 450 and 650 million barrels, is planned for start-up in 2022.
“This is an important discovery. It helps to determine the size of the Johan Castberg resource base which is currently being developed,” Nick Ashton, Equinor’s senior vice president of exploration in Norway and the UK, said in a company statement.
“Securing resources near existing infrastructure is an important part of Equinor’s ambition and strategy on the Norwegian continental shelf,” he added.
“We still have three Equinor-operated wells and one partner-operated well left to drill in the Barents Sea. We also have a good portfolio for the next couple of years. Together with the wells we drilled in 2017, this will help clarify the potential in the remaining part of the Barents Sea,” Ashton continued.
In a Twitter statement, Equinor said its operated exploration well in the Barents Sea “proves that there are good, attractive areas in the North”.
We struck oil! This year's first, but not last, #Equinor-operated exploration well in the Barents Sea proves that there are good, attractive areas in the north.— Equinor (@Equinor) 29 October 2018
As of the end of the third quarter, Equinor had completed 15 exploration wells in 2018 with seven commercial discoveries. Adjusted exploration expenses for the company in the quarter were $239 million, down from $416 million in the same quarter of 2017.
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