Statoil Finds up to 80M Barrels of Oil near Grane Field

Norway's Statoil reported Tuesday that it has proved new oil resources in the D-Structure that lies in the vicinity of the Grane field in the North Sea.

Well 25/8-18S, drilled by the Transocean Leader (mid-water semisub) rig in production license 169, proved an 82-foot oil column in the Heimdal formation. The estimated volume of the discovery is in the range of 30-to-80 million barrels of recoverable oil.

The D-structure is located on the Utsira High, just four miles north of the Grane field and in the immediate proximity of the Grane F oil discovery made by Statoil in 2013. The D-structure was originally penetrated in 1992 by well 25/8-4, which encountered just three feet of oil corresponding to about six million barrels.

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

"We are pleased with having proved new oil resources in the Grane area. Near-field exploration is an important part of Statoil's exploration portfolio on the Norwegian Continental Shelf. It provides high-value barrels that are important for extending the production life of existing installations."

Statoil added that a tie in to the Grane field is one of the development solutions it is considering for the discovery.

Statoil holds a 57-percent interest in PL169, where it is the operator. Petoro and ExxonMobil hold 30-percent and 13-percent stakes in the license respectively.



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