New oil and gas discovery in the Barents Sea

Dec 15, 2013 12:00 AM

Norway’s Statoil ASA announced two major oil discoveries and a gas discovery in the Skavl prospect close to Johan Castberg in the Barents Sea which is located north of Norway and Russia.

Statoil, a leading company in oil and gas production, is drilling the area together with two partners Eni Norge AS and Petoro AS. They discovered a 22m gas column and a 23m oil column in the Jurassic Tubaen formation, and a 133m oil column in the Triassic Fruholmen formation.

According to Statoil, there could be as many as 50 million barrels’ worth of recoverable oil in the area.

“Statoil puts a lot of effort into proving additional oil resources in the Johan Castberg area in order to make the field development project more robust. We are pleased to see that our efforts are now paying off,” Gro G. Haatvedt, Statoil’s senior vice president for exploration on the Norwegian continental shelf, said in a statement posted on the company’s website.

“Skavl was the third of the four wells in the Johan Castberg area we have on our drilling plan this year,” she said. “The first two wells, Nunatak and Iskrystall, proved only gas, but we know from experience that it takes stamina and persistence to succeed in the Barents Sea.

“It is also encouraging that we have confirmed a new play model in the area with the oil discovery in the Fruholmen formation, something which will be followed up in future exploration.”

Statoil will continue to explore for oil resources in the Johan Castberg area. After completion of Skavl, the drilling rig will move 16km north to drill the Kramsno prospect which is the last of the four prospects scheduled to be tested this year.

The exploration effort around Johan Castberg will also continue next year.

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