Oil Structure News

Statoil, together with partners Petoro AS, Det norske oljeselskap ASA and Lundin Norway AS, has drilled the Aldous Major North prospect (PL 265) in the North Sea. Samples taken from well 16/2-9S, drilled by the rig Transocean Leader, have proved a column of oil of up to 8 metres in formations dating from the Upper Jurassic period. Due to the limited reservoir quality, the partnership will consider further exploration drilling on Aldous Major North in order to clarify the structure’s potential. Well 16/2-9S was drilled some 12 kilometres north of the Aldous Major South oil discovery (16/2-8).

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.