Statoil Discovers up to 63M Barrels in Barents Sea

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Statoil makes an oil and gas discovery of up to 63 million barrels at its Drivis prospect in the Barents Sea.

Norway's Statoil reported Friday that it has made an oil and gas discovery of up to 63 million barrels of recoverable oil equivalent at the Drivis prospect in the Barents Sea. But its senior vice president for exploration in Norway said that, despite the discovery, the overall campaign in the Johan Castberg area had not delivered in terms of volumes.

Statoil said that Well 7220/7-3S, drilled by the West Hercules (DW semisub) rig, proved a 223-foot gas column in the Stø formation and a 282-foot gross oil column in the Stø and Nordmela formations. The firm estimates the total volumes in Drivis to be in the range of 44 to 63 million barrels of recoverable oil equivalent, of which 42 to 54 million barrels is oil.

The completion of the Drivis well concludes a 12-month, five-well exploration campaign by Statoil in the Johan Castberg area.

Irene Rummelhoff, Statoil's senior vice president for exploration on the Norwegian Continental Shelf, commented in a company statement:

"Over the past year we have made a significant exploration effort in the Johan Castberg area. Five wells have been drilled back-to-back, giving us important subsurface information and a good understanding of the total resource base in the area.

"We are certainly glad to have an oil discovery in Drivis. However, the exploration program as a whole has not delivered on volume expectations. Out of the five wells drilled only two have resulted in oil discoveries."

Statoil now plans to analyze the results of its exploration program as it takes the next steps in developing its Johan Castberg project.


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