|Tuesday, October 26, 1999
Statoil reports spudding the first wildcat well on the promising Urd prospect in the Norwegian North Sea. The wildcat was spudded by Dolphinâ€™s semisubmersible, Byford Dolphin on October 21st and is expected to take three weeks to reach the presumed reservoir at a depth of roughly 6,500 feet. In June, Statoil received operatorship of license 245 in the "North Sea " licensing round, covering blocks 25/3 and 25/6 about 24 miles northeast of Norsk Hydro's Heimdal field. The company said the blocks were among the most attractive on offer in the round. "This represents a promising prospect, and the first well is very important for us," said Knut Roessland, Statoil's vice president for new opportunities in Exploration and Production Norway. "We're hoping to strike oil and large volumes could be involved if we do, " he said. Statoil holds 30 percent of the license, with the state's direct financial interest and Mobil holding 25 percent each. Saga Petroleum, taken over by Norsk Hydro earlier this year, holds the remaining 20 percent.