Major oil discovery in the Barents Sea



Major oil discovery in the Barents Sea

Statoil, with partners Eni Norway and Petoro, announced an important oil discovery in the Barents Sea. The breakthrough discovery on the Skrugard prospect is one of the most significant finds on the Norwegian shelf in the last decade.
Statoil and partners are concluding drilling operations on the Skrugard prospect, which is located about 100 km north of the Snøhvit gas field in the Barents Sea. The well, drilled with the Polar Pioneer, encountered a proven gas column of 33 m and an oil column of 90 m. The oil is described as easily producible.
Estimated size of the discovery is between 150 million and 250 million barrels of oil equivalent (boe) recoverable. Statoil estimates that further opportunities in the license may yield another 250 million barrels.
Tim Dodson, executive vice president for Exploration in Statoil
“The Skrugard find is significant and a break-through for frontier exploration in the Barents Sea. This opens a new oil province that can provide additional resource growth,” says Tim Dodson, executive vice president for Exploration in Statoil.
He emphasized that it is too early to say something concrete about the total potential of the area, but ventures to characterize the Skrugard find as the most important exploration event on the Norwegian continental shelf in the last decade. The discovery is vital in order to maintain the technology and technical environments in the oil and gas industry in Norway in the future.
Statoil has plans for both the drilling of a new prospect in the same license next year, and a possible appraisal drilling at Skrugard.
The Skrugard prospect was Statoil's first priority in the 20th licensing round on the Norwegian continental shelf, which was awarded in April 2009. Over the course of the spring the Norwegian government will allocate acreage in the 21st licensing round. Acreage in areas nearby Skrugard is expected to be assigned during the round.

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