Statoil in commercial discovery near Norne

STAVANGER, Norway -- Statoil has made an oil and gas discovery, which is believed to hold between 20 MMboe and 80 MMboe of recoverable reserves, close to Norne field.

The drilling of the Cape Vulture exploration well started in early December. The well was drilled in license 128 as a result of the award of license 128D in the APA 2015 licensing round. According to Statoil, the well is the result of a new exploration concept developed for the Nordland Ridge.

“We made this discovery one year after the announcement of the license award at the 2016 Sandefjord conference,” said Jez Averty, senior V.P. for exploration in Norway and the UK, Statoil. “We are satisfied with already completing the well and happy to be able to announce Cape Vulture as a commercial discovery. This shows the importance of new acreage, demonstrates our ability to quickly test new opportunities, and emphasizes that looking at mature areas in new ways may pay off.”

The Cape Vulture discovery opens up further exploration opportunities in the area. Statoil will now analyze the results in detail, and identify any new exploration targets in the area.

Recoverable reserves are initially estimated at between 20 and 80 MMbbl of recoverable oil equivalents and plans for further appraisal of the discovery will be made. Located northwest of Norne, a tie-back of the discovery to the FPSO at Norne field will be considered.

Siri Kindem, senior V.P., Operations North, Statoil, 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 as Cape Vulture contribute to Norne’s long life, and to maintaining activities in the Norwegian Sea.”

Statoil is the operator of license 128 and 128D with a 64% share, Petoro holds a 24.5% share and ENI a 11.5% share.