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Released January 06, 2017 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Norwegian oil and gas major Statoil ASA (OSE:STL) (Stavangar, Norway) has announced that it will drill around 30 exploration wells in 2017, an increase of 30% over 2016.
More than half of the wells will be drilled on the Norwegian Continental Shelf (NCS), with particular focus on the Barents Sea where it will carry out its 5-7 well exploration campaign.
"Taking advantage of our own improvements and changed market conditions, we have been able to get more wells, more acreage and more seismic data for our exploration investments in later years," said Tim Dodson, executive vice president for exploration at Statoil. "This allows us to firm up a strong drilling program for 2017, totalling around 30 exploration wells as operator and partner. The upcoming well program is balanced between proven, well known basins and new frontier opportunities."
Last month, Industrial Info reported that Statoil had announced that production has started at Mariner in the U.K. North Sea. Located 150 kilometres (km) east of the Shetland Isles., up to five wells will be drilled before the Mariner A platform hook-up and commissioning activity starts next summer. First oil is expected to be produced from Mariner in 2018. It is one of the largest projects currently under development on the U.K. Continental Shelf (UKCS) with contracts worth more than £1 billion ($1.25 billion) already awarded. For additional information, see December 14, 2016, article--Statoil Starts Production at North Sea Mariner Field.
Statoil said that new discoveries are "crucial to counteract decline on the NCS," and it expects to drill 16 to 18 NCS exploration wells this year. In 2016, Statoil drilled a total of 23 exploration wells as operator and partner--14 of them on the NCS.
Dodson said: "The Barents Sea has yielded several of Norway's most significant oil discoveries in recent years. We are looking forward to test new targets, both in the relatively well known geology around in the Johan Castberg and Hoop/Wisting area, as well as some new frontier opportunities with greater geological uncertainty but also high impact potential. This campaign can provide us with crucial information about the long-term future of the Norwegian shelf."
Further afield, Statoil will be placing increased focus on Brazil. "Following our takeover as operator for the Carcara discovery last summer, Brazil has become even more important in Statoil's portfolio, not least on the exploration front. We are stepping up exploration also in the U.K., with plans for three Statoil-operated exploration wells in 2017."
Earlier this week, Statoil announced that it has bought an additional 25% stake in the Byrding field in the North Sea from Wintershall Norge AS (Stavanger, Norway) for an undisclosed amount. Statoil now controls 70% of the field.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
More than half of the wells will be drilled on the Norwegian Continental Shelf (NCS), with particular focus on the Barents Sea where it will carry out its 5-7 well exploration campaign.
"Taking advantage of our own improvements and changed market conditions, we have been able to get more wells, more acreage and more seismic data for our exploration investments in later years," said Tim Dodson, executive vice president for exploration at Statoil. "This allows us to firm up a strong drilling program for 2017, totalling around 30 exploration wells as operator and partner. The upcoming well program is balanced between proven, well known basins and new frontier opportunities."
Last month, Industrial Info reported that Statoil had announced that production has started at Mariner in the U.K. North Sea. Located 150 kilometres (km) east of the Shetland Isles., up to five wells will be drilled before the Mariner A platform hook-up and commissioning activity starts next summer. First oil is expected to be produced from Mariner in 2018. It is one of the largest projects currently under development on the U.K. Continental Shelf (UKCS) with contracts worth more than £1 billion ($1.25 billion) already awarded. For additional information, see December 14, 2016, article--Statoil Starts Production at North Sea Mariner Field.
Statoil said that new discoveries are "crucial to counteract decline on the NCS," and it expects to drill 16 to 18 NCS exploration wells this year. In 2016, Statoil drilled a total of 23 exploration wells as operator and partner--14 of them on the NCS.
Dodson said: "The Barents Sea has yielded several of Norway's most significant oil discoveries in recent years. We are looking forward to test new targets, both in the relatively well known geology around in the Johan Castberg and Hoop/Wisting area, as well as some new frontier opportunities with greater geological uncertainty but also high impact potential. This campaign can provide us with crucial information about the long-term future of the Norwegian shelf."
Further afield, Statoil will be placing increased focus on Brazil. "Following our takeover as operator for the Carcara discovery last summer, Brazil has become even more important in Statoil's portfolio, not least on the exploration front. We are stepping up exploration also in the U.K., with plans for three Statoil-operated exploration wells in 2017."
Earlier this week, Statoil announced that it has bought an additional 25% stake in the Byrding field in the North Sea from Wintershall Norge AS (Stavanger, Norway) for an undisclosed amount. Statoil now controls 70% of the field.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
