Rosebank a Success

The Rosebank appraisal well 205/1-1 west of Shetland is a success. During a production test, the well flowed at choked rates of 6,000 barrels of oil per day. Statoil has a 30% interest in the find.

"Statoil is very encouraged by the first test results from Rosebank," says Gregory T. Himes, vice president in Statoil global exploration (GEX).

"The partnership is making every effort to commercialize the discovery as quickly as possible."

The Rosebank discovery lies in some 1,000 meters of water, around 160 kilometers north-west of the Shetland Islands.

"If commercial, Rosebank will add substantially to Statoil's Atlantic Margin production," Mr Himes says.

The 205/1-1 well is the second appraisal well drilled in Rosebank as part of a three-well program conducted by the Transocean Rather drilling rig. The deviated well is located at the southern end of the Rosebank structure and was drilled to a vertical depth of 2,750 meters. The oil is very light, with a gravity of 38 degrees API (American Petroleum Institute gravity scale). North Sea oil is normally of 20-30 API quality.

The rig is currently preparing to move to the third appraisal well location in the northern part of the structure to drill well 213/27-A2.

"The three-well program is designed to fully evaluate the Rosebank discovery and fast-track a development," says Mr. Himes.

The well program will optimize the understanding of the size, geometry and production potential of the field. It is expected that the program will be completed by November 2007 when analysis of the appraisal data will determine the future work program for the discovery.

Statoil's partners in the area are operator Chevron with a 40% interest, OMV (20%) and Dong Energy (10%).

The group has acquired much of the acreage surrounding Rosebank where further prospects lie. In addition, Rosebank is 15 kilometers from the UK/Faroe Islands median line, which is promising for exploration in the Faroes where Statoil is operator in four large licenses.

In the area to the west of Shetland, Statoil already has a 5.88% interest in the BP-operated Schiehallion field.

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