Statoil makes largest North Sea find ‘for 30 years’ / News / The Foreigner

Statoil makes largest North Sea find ‘for 30 years’. Norwegian state oil company Statoil has discovered what may be one of the top ten biggest oilfields on the Norwegian Continental Shelf. "Norway has not seen a similar oil discovery since the mid-'80s," said Tim Dodson, Statoil's executive vice president for exploration. The new oilfield is connected to the Aldous and Avaldsnes prospects, meaning that the total yield of all fields is expected to be between 500 million and 1.2 billion barrels of oil. Although Statoil had announced the discovery of a new profitable field off the NCS over a week ago, it only recently found out that this new field was linked to existing prospects, making recovery of the oil a much more attractive proposition than previously.

statoilaldous, statoilavaldsnes



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Statoil makes largest North Sea find ‘for 30 years’

Published on Wednesday, 17th August, 2011 at 21:39 under the news category, by Gareth Corfield.

Norwegian state oil company Statoil has discovered what may be one of the top ten biggest oilfields on the Norwegian Continental Shelf.

Statoil Forus
Statoil Forus
Photo: Øyvind Hagen/Statoil


"Norway has not seen a similar oil discovery since the mid-'80s," said Tim Dodson, Statoil's executive vice president for exploration. The new oilfield is connected to the Aldous and Avaldsnes prospects, meaning that the total yield of all fields is expected to be between 500 million and 1.2 billion barrels of oil.

Although Statoil had announced the discovery of a new profitable field off the NCS over a week ago, it only recently found out that this new field was linked to existing prospects, making recovery of the oil a much more attractive proposition than previously.

The well was drilled by the Transocean Leader drilling rig, which discovered a 65-metre oil column in Aldous Major South well 16/2-8 in the North Sea. Oil from the well is said to be of good quality, contained in Jurassic sandstone.

Statoil holds a 40% stake in the licences for both Aldous and Avaldsnes prospects, meaning it stands a good chance of increased profits from the new discovery.

Around 70 oilfields are in production on the Norwegian continental shelf, producing some 2.1 million barrels of oil in 2010.



Published on Wednesday, 17th August, 2011 at 21:39 under the news category, by Gareth Corfield.

This post has the following tags: statoilaldous, statoilavaldsnes.





  
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