Statoil Takes King's Ransom at Norwegian Field
Norwegian major Statoil has said today that it has made a "significant" gas and condensate discovery at the King Lear prospect in the Norwegian North Sea, with between 70 and 200 million barrels of oil equivalent (boe) found.
The discovery is made through a high-pressure, high-temperature well (HPHT) well across two licences, Licence 146 and 333. The well was drilled using the Maersk Gallant jack-up rig, which proved a 48-metre gas/condensate column in the main bore 2/4-21 and an additional 70-metre gas/condensate column in the side-track 2/4-21A.
"Statoil had earlier defined King Lear as a potential high-impact prospect," senior vice president of Norwegian exploration, Gro Gunleiksrud Haatvedt said today. "The drill results confirm our expectations and show once again that the Norwegian continental shelf still delivers high value barrels."
The company will now evaluate whether the field will perform as a standalone operation or as a tie-in to to existing infrastructure in the area. Presently, the company is completing data acquisition on the side track well 2-4/21 A, the complementing well to well 2-4/21.
The discovery has also motivates the company to reconsider the area, which has traditionally been seen as an oil-producing zone. Subsequently, it "may on the basis of this discovery and other gas resources form the basis for future gas development," a statement from the company said.
Statoil also said today that the find shores up its focus on the Norwegian continental shelf proving the remaining potential for oil and gas on that shelf.
"King Lear lies approximately 20 kilometres north of the Ekofisk field," Ms. Haatvedt said. "It is encouraging to see that this part of the Norwegian continental shelf – home to the first commercial oil find in Norway – is still delivering significant discoveries. This reinforces our faith in the exploration potential of the Norwegian continental shelf. Not only does it have a proud past, but also an exciting future."
Statoil says the find is the eighth highest-impact for Statoil in the past 15 months behind the Zafarani and Lavani fields in Tanzania, the Skrugard and Havis fields in the Barents Sea, the Johan Sverdrup field in the North Sea, and the Peregrino South and Pão de Açúcar fields in Brazil.
Statoil is the operator of the King Lear prospect with a 77.8 per cent stake. Total E&P Norge holds the remaining 22.2 per cent stake.