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Statoil Has Made a New Oil Discovery in the Norwegian Sea

seafarers in the Norwegian Sea
Image Source: Mads Henrik, CC BY 2.0

Just recently, Statoil said that it has made an oil discovery five kilometers northwest of the Norne field in the Norwegian Sea. It also received approval from the authorities in Norway of its plans for development and operation (PDOs) for the Utgard and Byrding fields in the North Sea.

The reserves discovered are estimated by Statoil and upstream regulator, Norwegian Petroleum Directorate (NPD), to be between 20 and 80 million barrels of recoverable oil equivalents, specifically at the Cape Vulture exploration well on PL128 of the Nordland Ridge. On the other hand, PL128 junior partner ENI Norway said that the find is roughly three times larger, between 70 and 200 million barrels of oil in place. However, all of these three entities did not provide any indication of the oil-to-gas ratio of the find.

Pleased with this new discovery, Statoil’s senior vice president for Operations North, Siri Kindem, said:

“Norne is already a much greater success than we expected when the field was discovered. It has been the backbone of our ventures in the north from the very beginning and discoveries such Cape Vulture contribute to Norne’s long life, and to maintaining activities in the Norwegian Sea.”

Now, Statoil plans to appraise the oil discovery further, considering a tie-back to the floating production ship that is stationed at the Norne field. The shareholders in the operating license will be Statoil with 64% share, Petoro with 24.5% and ENI with 11.5%.

As for the PDOs for the Utgard and Byrding fields, costs are expected to be $410 million for Utgard and around $117 million for Byrding. Utgard licensees will be Statoil with 76.44% of share, Lotos with 17.36% and Kufpec with 6.2%. Meanwhile, Byrding licensees will be Statoil with 70% of share, Engie with 15% and Idemitsu with 15%.

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