Statoil committed to ‘Verbier’ drilling

Norwegian oil company Statoil has committed to drill an exploration well in the Licence P.2170, in the UK sector of the North Sea.

The news has been revealed by Jersey Oil & Gas, Statoil’s partner in the offshore block, which holds an 18 percent stake there.

According to Jersey Oil & Gas Statoil, as operator of UK Seaward Licence P.2170, Blocks 20/5b and 21/1d, has formally communicated to the Oil and Gas Authority that a firm well is committed on the P.2170 Licence for drilling in summer 2017.

The company also said it confirmed to Statoil its participation in the planned well.

Andrew Benitz, CEO of Jersey Oil & Gas, said: “We are delighted to confirm the Company’s participation in a well to be drilled on the highly material and prospective Verbier prospect in which Jersey Oil & Gas holds an 18% interest. We believe the planned well could be one of the most exciting exploration prospects to be drilled in the UKCS in recent years.”

To remind, Statoil acquired a 70 percent working interest and operatorship in the license earlier this year for a total cash consideration of $2 million.

Statoil acquired a 42 percent stake from Jersey Oil and Gas and a further 28 percent from Jersey’s  co-venturer CIECO.

Late in October, the geophysical survey vessel M/V Fugro Galaxy arrived on location in the UK Seaward Licence P.2170 to begin a survey over the Verbier prospect. The site survey is due to be completed during the fourth quarter of 2016 with the interpretation of the results to follow.

Offshore Energy Today Staff

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