New oil discovery in the North Sea

Norway's Statoil has made an oil discovery in the Geitungen prospect on Utsira High in the North Sea together with partners Petoro, Det norske oljeselskap and Lundin.

Exploration well 16/2-12 drilled by the drilling rig Ocean Vanguard has proven a 35 metre oil column in a high quality reservoir dating from the Jurassic period. Statoil estimates the volumes in Geitungen to be between 140 and 270 million barrels of recoverable oil equivalents (o.e.).

Oil was also proven in the basement rocks. This is regarded as a possible upside in connection with the development of the area/discovery.

"A new oil discovery in the Johan Sverdrup area, in the mature part of the North Sea reinforces Statoil's faith in the exploration potential of the Norwegian continental shelf, and demonstrates that we deliver on our strategy of revitalising the NCS with high value barrels," says Gro Haatvedt, senior vice president exploration Norway in Statoil.

Geitungen was drilled approximately three kilometres north of the Johan Sverdrup discovery and was defined as a separate prospect in the licence PL 265. Well data indicate that there probably is communication between the two discoveries.

"Statoil aims to capture the full potential in the greater Utsira High area. In APA2011* we secured new promising acreage both north and south of Johan Sverdrup. We are currently working to improve seismic imaging of the greater Utsira High and have ambitious drilling plans with about 8-12 wells scheduled for 2012-2014", says Haatvedt.

Statoil is operator for production licence PL265 with an ownership share of 40% interest. The licence partners are Petoro AS (30%), Det norske oljeselskap ASA (20%) and Lundin Norway AS (10%).

(*) APA = Awards in predefined areas

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