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Released October 30, 2014 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) - Statoil ASA (NYSE:STO) (Stavangar, Norway) has struck oil in the Grane region of the Norwegian North Sea.
The find, estimated to between 30 million and 80 million barrels of recoverable oil, is located in the so-called 'D-structure' in the vicinity of the existing Grane field in the North Sea. Well 25/8-18 S, drilled by the rig Transocean Leader, proved an oil column of 25 metres in the Heimdal Formation.
The company said it highlights the ongoing value of existing basins.
"We are pleased with having proved new oil resources in the Grane area," said May-Liss Hauknes, Statoil vice president for exploration in the North Sea. "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."
The D-structure is located on the Utsira High, seven kilometres 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 one metre of oil corresponding to about six million barrels.
"Well 25/8-18 S appraised the D-structure and proved substantial additional oil volumes in an excellent sandstone reservoir. This is a result of a recent re-evaluation of the area done by the partnership. New seismic and improved subsurface mapping have given us new confidence in the D-structure and allowed to mature it towards a drilling decision," says Hauknes.
Gro Aksnes, Statoil vice president for area development in Operations West, added: "Tie-in to the nearby Grane field is one of the development solutions that will be evaluated for the discovery.
The well is located in PL169 in the North Sea and is 57% owned by Statoil, with partners Petoro AS and ExxonMobil Exploration & Production Norway AS controlling 30% an 13% respectively.
Last month, Statoil ASA (NYSE:STO) (Stavangar, Norway) announced the start of production at two new oil and gas fields in the North Sea. Production start-up has begun at the Fram H-North and Svalin C fields, which are expected to yield more than 40 million barrels of recoverable oil equivalent (BOE). For additional information, see September 15, 2014, article - Statoil Begins New North Sea Production.
View Plant Details - 3056551 3113817
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the Industrial Info "Contact Us" page.
The find, estimated to between 30 million and 80 million barrels of recoverable oil, is located in the so-called 'D-structure' in the vicinity of the existing Grane field in the North Sea. Well 25/8-18 S, drilled by the rig Transocean Leader, proved an oil column of 25 metres in the Heimdal Formation.
The company said it highlights the ongoing value of existing basins.
"We are pleased with having proved new oil resources in the Grane area," said May-Liss Hauknes, Statoil vice president for exploration in the North Sea. "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."
The D-structure is located on the Utsira High, seven kilometres 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 one metre of oil corresponding to about six million barrels.
"Well 25/8-18 S appraised the D-structure and proved substantial additional oil volumes in an excellent sandstone reservoir. This is a result of a recent re-evaluation of the area done by the partnership. New seismic and improved subsurface mapping have given us new confidence in the D-structure and allowed to mature it towards a drilling decision," says Hauknes.
Gro Aksnes, Statoil vice president for area development in Operations West, added: "Tie-in to the nearby Grane field is one of the development solutions that will be evaluated for the discovery.
The well is located in PL169 in the North Sea and is 57% owned by Statoil, with partners Petoro AS and ExxonMobil Exploration & Production Norway AS controlling 30% an 13% respectively.
Last month, Statoil ASA (NYSE:STO) (Stavangar, Norway) announced the start of production at two new oil and gas fields in the North Sea. Production start-up has begun at the Fram H-North and Svalin C fields, which are expected to yield more than 40 million barrels of recoverable oil equivalent (BOE). For additional information, see September 15, 2014, article - Statoil Begins New North Sea Production.
View Plant Details - 3056551 3113817
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and nine international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. To contact an office in your area, visit the Industrial Info "Contact Us" page.
