Statoil: N. Sea Discovery Larger than Expected

Tuesday, August 16, 2011
Statoil’s executive VP for Exploration, Tim Dodson, shows off oil samples from the Aldous discovery during an August 16 press conference. (Photo: Ole Jørgen Bratland/Courtesy Statoil.com)

Communication between the Aldous and Avaldsnes oil discoveries in the North Sea has now been confirmed. In combination these discoveries may represent an oil structure of between 500 million and 1.2 billion barrels of recoverable oil equivalent.
If the upper part of the interval strikes pay dirt, the discovery will be one of the ten largest oil finds ever on the Norwegian continental shelf (NCS). Statoil (OSE: STL, NYSE: STO) has a 40% stake both in licence PL 265, where Aldous was discovered, and in PL 501, where the Avaldsnes discovery was made.
“Aldous/Avaldsnes is a giant oil discovery, and according to our estimates the combined discovery may make the top 10 list of NCS oil discoveries. Norway has not seen a similar oil discovery since the mid-eighties” says Tim Dodson, Statoil’s executive vice president for Exploration.
This is the third “high-impact discovery” (*) for Statoil as an operator in 2011. In April of this year the 250 million barrel Skrugard oil discovery was made in the Barents Sea, and the 150-300 million barrel Peregrino South oil field was discovered offshore Brazil.
“The discoveries are a result of Statoil’s exploration strategy of prioritising high-impact opportunities, while focusing on our established core areas,” says Dodson.
As the company announced on 8 August, a minimum 65-metre oil column has been confirmed in Aldous Major South well 16/2-8 in the North Sea. The discovery was made in Jurassic sandstone in a very good quality reservoir consisting of coarse-grained, unconsolidated sand.            
The well has also established common oil/water contact between the Aldous and Avaldsnes structures, and according to preliminary estimates the combined discovery in the two licences (PL 265 and PL 501) totals between 500 million and 1.2 billion barrels of recoverable oil equivalent. Between 200 and 400 million barrels of these resources have been discovered in well 16/2-8, with strong indications from well data of another 200 to 400 million barrels of recoverable oil equivalent in the same structure, whereas a resource base of 100 to 400 barrels previously has been estimated in the Avaldsnes structure (PL 501).
The well was drilled by the Transocean Leader drilling rig, which soon will spud Aldous Major North well 16/2-9 (PL265) to clarify the further potential and any communication with Aldous/Avaldsnes. In addition the partners plan further appraisal drilling in licence PL 265 next year to clarify the full volume potential for a future development solution.        
“As we said at the Capital Market Day event in New York in June, the NCS is a world-class petroleum province. The Aldous/Avaldsnes discoveries are evidence that the NCS is still attractive. Making a discovery of this size in a mature area shows that exploration is all about perseverance, creativity and obtaining new knowledge,” says Dodson.
Aldous Major South is located in licence 265. Statoil is the operator and has a 40% interest. The other partners are Petoro (30%), Det norske oljeselskap (20%) and Lundin (10%).
Avaldsnes is located in licence 501. Lundin is the operator and has a 40% interest, whereas partners Statoil and Mærsk have 40% and 20% interests, respectively.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

There’s Still Time for SHIPPINGInsight Award Entries

Entry submissions for the first SHIPPINGInsight Award are due Friday, Aug. 1, but organizers said they will continue to accept nominations through following week to provide some extra time.

Rio Tinto Pulls Plug on Mozambique Coal Venture

Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending

MOL Ship Management Earns Energy/Enviromental Certifications

First company to receive ISO50001 certification from Nihon Kaiji Kyokai.   MOL Ship Management Co., Ltd. (MOLSHIP), a core ship management company in the corporate group headed by Mitsui O.

Offshore

BOEM Extends O&G Lease Comment Period

The Bureau of Ocean Energy Management (BOEM) is extending the public comment period for the Request for Information (RFI) and Comments on the Preparation of the

Total E&P is First to Use FROG-XT4

Total E&P is the first to use Reflex Marine’s newly developed FROG-XT4 on the Odudu field in Nigeria. The French operator purchased the crew transfer device

New Standard gets Revised Program for Cooper Basin Approved

New Standard Energy Limited (New Standard) advises that it has received approval for amendments to its five year work program in PEL570 in the Cooper Basin. As part of the revised program,

Fuels & Lubes

There’s Still Time for SHIPPINGInsight Award Entries

Entry submissions for the first SHIPPINGInsight Award are due Friday, Aug. 1, but organizers said they will continue to accept nominations through following week to provide some extra time.

MOL Ship Management Earns Energy/Enviromental Certifications

First company to receive ISO50001 certification from Nihon Kaiji Kyokai.   MOL Ship Management Co., Ltd. (MOLSHIP), a core ship management company in the corporate group headed by Mitsui O.

Kenya's Mombasa Port Traffic Up 13% in H1

Container traffic through Kenya's biggest port grew by 12.8 percent in the first six months of the year after new cargo handling infrastructure was built to shorten the turnaround time for ships.

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3330 sec (3 req/sec)