) has struck gas/condensate deposit in the Smorbukk North
prospect at Haltenbanken in the Norwegian Sea.
Drilled by deepwater semisubmersible rig Transocean Leader,
exploration well 6506/9-3, is situated on production license (PL)
479 in the Norwegian Sea. The well has proven a 130-foot
gas/condensate column in the Gam formation of mid-Jurassic age.
Moreover, a thin gas/condensate column was found deeper in the
mid-Jurassic Ile formation.
The reservoir properties of the Garn formation are considered
good, but it is somewhat inferior than expected in the Ile
formation. The initial projected volume of the discovery is in
the range of 25-47 million barrels of recoverable oil
The three discoveries in the area including the Asgard field
were all made in the 1980s. The latest find, which comes after
nearly three decades is promising and validates the upside
potential on the Norwegian Continental Shelf (NCS).
The Smorbukk North discovery is a high temperature well,
positioned directly north of the Asgard field. It is likely to be
developed rapidly and competently through a tie-in to available
infrastructure. These will speed-up the availability of resources
and likely extend the production life of the Åsgard production
Statoil, the operator of the license, has an interest of
40.95%. The other partners include
), Petoro AS,
) with a holding of 19.6%, 14.95%, 14.7% and 9.8%,
Statoil's endeavor to improve recovery of resources in mature
fields is noteworthy. The company has operations in all major
hydrocarbon-producing regions of the world, with an emphasis on
the NCS. We believe that Statoil is well positioned to sustain
its production growth for the next few years on the back of its
large resource base at NCS.
Statoil carries a Zacks Rank #4 (Sell).
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