Statoil doubles volumes in recent find

Statoil ASA, together with partners Petoro AS, Det norske oljeselskap and Lundin Norway, has confirmed significant additional volumes in its appraisal well in the Aldous Major South discovery (PL265) in the North Sea.

The results of appraisal well 16/2-10 have increased production license PL265 estimates to between 900 million and 1.5 billion barrels of recoverable oil equivalent, making it possibly the fifth largest discovery made on the Norwegian Continental Shelf.

This is a doubling of the previously announced PL265 volumes of between 400 and 800 million barrels of oil equivalent.

It has previously been confirmed that there is communication between Aldous in PL265 and Avaldsnes in PL501, and that this is one large oil discovery.

“Aldous/Avaldsnes is a giant, and one of the largest finds ever on the Norwegian continental shelf. Volume estimates have now increased further because the appraisal well confirms a continuous, very good and thick reservoir in Aldous Major South,” says Tim Dodson, executive vice president for Exploration in Statoil.

Final data show that the oil column in appraisal well 16/2-10 is approximately 60 metres. These data also confirm that the reservoir is of the same, excellent quality as in the Aldous Major South discovery well 16/2-8. This is the main reason for the substantial upward revision of PL265 volumes.

The Aldous/Avaldsnes discovery extends over a large area of ​​approximately 180 square kilometres, and there is considerable variation in both reservoir thickness and oil column height in the structure. Additional appraisal wells will be drilled in both licenses.

(NRK/Press release)

Saturday, 22 October 2011 06:49