Statoil to drill five wells in Barents Sea. First spud in 2017

Statoil to drill five wells in Barents Sea

Norwegian oil company Statoil has been awarded acreage in five production licences in the Barents Sea, following today’s announcement of results of the 23rd offshore licensing round in Norway. Statoil will operate all five licences and has obligation to drill five exploration wells.

“The Norwegian continental shelf (NCS) is the core of Statoil’s business, and we are very pleased with the award in the 23rd licensing round, which will strengthen our exploration portfolio. Gradually opening up new areas is crucial for us to maintain profitable and high-level production up to and beyond 2030,” said Arne Sigve Nylund, Statoil’s executive vice president for Development & Production Norway.

The award covers five commitment wells – one in the vicinity of Statoil’s existing position, and four in the southeastern part of the Barents Sea, providing access to interesting acreage in a new area on the NCS.

“We will now be able to explore a very interesting area in the Barents Sea. There is always uncertainty related to probability of discovery in new areas. But if we make a discovery, it may involve considerable resources. Exploring in such areas and making substantial discoveries are vital if the NCS is to maintain its production,” says Jez Averty, Statoil’s senior vice president for exploration on the NCS.

Well prepared for drilling

“We have built on our 40 year-long history in North Norway, and our long experience from Barents Sea exploration. A large Statoil team has worked for 24 months to improve this application, and I am very proud of the effort made by everyone across Statoil that has led to this award,” says Averty.

“Based on in-house work and seismic data acquisition in 2013 and 2014 Statoil is well prepared for exploration drilling. Through the Barents Sea Exploration Collaboration (BaSEC) the industry has laid the groundwork for conducting safe and cost-effective drilling. We expect to drill the first well already in 2017, and will cooperate with our partners to reach this goal,” says Averty.

“We regard this award as a great opportunity, and strongly believe that if we find sufficient resources we will be able to develop them profitably,” concludes Averty.

 

Statoil’s new acreage

 

In the 23rd licensing round Statoil has been awarded new exploration licences in the following areas:

– 30 % share and operator for exploration licence PL859 (blocks 7335/1,2,3; 7336/1; 7434/7,8,9; 7435/9,10,11,12; 7436/10);
– 40 % share and operator for exploration licence PL857 (blocks 7132/1,2,3,6; 7133/1,4; 7232/10);
– 35 % share and operator for exploration licence PL855 (blocks 7324/5,6; 7325/4,5);
– 40 % share and operator for exploration licence PL854 (blocks 7322/3; 7323/1);
– 20 % share and operator for exploration licence PL858 (blocks 7234/3, 6; 7235/1,2,3,4,5).

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