Looking for a specific product?

Make a search for products & suppliers, articles & news.

New, major find by Statoil

The drilling of the first well on the Kristin Field has revealed extra reserves of oil and gas worth up to NOK 7 billion, according to Statoil.

The drilling of the first well on the Kristin Field has revealed extra reserves of oil and gas worth up to NOK 7 billion, according to Statoil.

The company completed the first of 12 production wells in January.

In addition to hitting the main reservoir, Statoil also hit another reservoir filled with gas and oil at a depth of nearly 5 kilometres, TV2 Nettavisen reports.

The new reservoir may increase the total reserves of the field by 5-10 per cent. At today's prices, this could mean a gross production value of up to NOK 7 billion.

At the outset, Statoil had calculated that the Kristin Field contained petroleum worth NOK 73 billion.

The development of the field has turned out to be both difficult and costly, due to extremely high pressures and temperatures in the reservoir.

The cost of development is estimated to reach NOK 17-19 billion.

Production of gas from the field is excpected to start October 1st 2005.

Associated companies: