Statoil makes interesting North Sea find
Statoil has spudded an encouraging exploration well in block 34/11 in the Gullfaks area of the North Sea, which had led to the upgrading of estimated reserves. Well 34/11-3 confirmed the presence of gas and condensate, which were found originally with well 34/11-1. The new well was not tested. "It is still too early to say anything about the size of the new discovery, but the results from well 34/11-3 have lead to an upgrading of estimates," it said. "New estimates are in the order of 70 million cubic metres of oil equivalent." Partners in licence 193 are operator Statoil with 25 %, Norsk Hydro ASA with 20 %, British Petroleum with 15 % and the government's direct financial interest with 40 %.