Statoil eyes major new North Sea oil discovery
Statoil could be sitting on between 40 million and 150 million recoverable barrels of oil equivalent in the North Sea, the company announced last week. The 40-150 million recoverable barrels estimate is still under a “high degree of uncertainty”, Statoil said, with additional appraisals ongoing to confirm the findings.
Ukraine crisis: There is no US 'energy weapon'
Europe looks to cut Russian gas imports amid Ukraine crisis
Would exporting energy to Ukraine raise US gas prices?
Three years after Fukushima tragedy, Japan makes U-turn on nuclear energy (+video)
US oil boom fuels rail industry resurgence
Subscribe Today to the Monitor
Statoil announced the discovery in its Gullfaks license area in the Shetland Group/Lista Formation in the North Sea. The Norwegian company is the operator of the license, with a 70% interest, in partnership with Petoro, a minority partner with 30%.
The 40-150 million recoverable barrels estimate is still under a “high degree of uncertainty”, with additional appraisals ongoing to confirm the findings. (Related article: Developed Nations have Already Passed Peak Oil Demand)
According to Statoil, the Gullfaks finds are younger and shallower deposits compared to its Brent Group reservoir, which is the primary deposit in the license area.
Gullfaks is being developed through three permanent installations which have produced over 2.4 billion barrels of oil and over 56 billion cubic meters of gas to date.
“The discovery provides new volumes that can give high-value production in a short time as well as new promising perspectives for the field and the installations, Oystein Michelsen, Statoil executive vice president for development and production in Norway, said in a statement.
The Christian Science Monitor has assembled a diverse group of the best energy bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. To add or view a comment on a guest blog, please go to the blogger's own site by clicking on the link in the blog description box above.