STAVANGER, NORWAY--(Marketwired - Apr 19, 2013) - Statoil (OSE:STL, NYSE:STO) and partner
Petoro have proven considerable
additional resources in the Shetland Group/Lista Formation in the Gullfaks
The Shetland Group and the Lista Formation are younger and slightly
deposits with different properties compared to the deposits of the Brent
where the Gullfaks main reservoirs are located.
Indications of hydrocarbons in the Shetland Group/Lista Formation in the
Gullfaks licence have been known for a long time, but they have not yet
developed due to poor reservoir qualities. A new well test in this interval
however indicates good flow rates.
"The discovery provides new volumes that can give high-value production in
short time as well as new and promising perspectives for the field and the
installations," says Øystein Michelsen, executive vice president for
and Production Norway. "This is a result of Statoil's strategy for
revitalisation of the Norwegian continental shelf."
Production well 34/10-A-8 on the Gullfaks A platform, where the well test
carried out, currently provides a high and stable production of 7500
barrels/day. The well has produced nearly 1 million barrels since December
Preliminary calculations based on interpretation, modelling, formation
and sampling in the relevant interval indicate that the discovery contains
the range of 40-150 million recoverable barrels of oil equivalents.
this resource estimate involves a high degree of uncertainty. Our models
indicate further upside potential,data gathering and studies are currently
ongoing to clarify the potential and further development of these
Located in the Tampen area in the northern North Sea, Gullfaks came on
22 December 1986. The field development consists of three permanent
installations, which have produced more than 2.4 billion barrels of oil and
than 56 billion cubic metres of gas.
The licensees of the Gullfaks Field are Statoil as operator with 70% and
Petoro with 30%.
This information is subject of the disclosure requirements pursuant to
5-12 of the Norwegian Securities Trading Act.
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Source: Statoil via Thomson Reuters ONE