facebook
twitter
rss
account
search
search

Statoil makes North Sea oil, gas discovery

Statoil finds oil in North Sea field, Valemon.
By Daniel J. Graeber   |   April 11, 2014 at 9:28 AM   |   Comments

| License Photo
STAVANGER, Norway, April 11 (UPI) -- Norwegian energy company Statoil said Friday it made an oil and natural gas discovery in the Valemon North prospect in the North Sea.

The company said Friday it made discoveries at two wells in the prospect located in Norwegian waters. It estimates the total volume of the new discoveries at between 20 million and 75 million barrels of recoverable oil equivalent.

Discovered in 1985, Statoil said the prospect is one of its most important assets on the Norwegian continental shelf. In total, the field holds an estimated 206 million barrels of oil equivalents.

"Production start-up is expected fourth quarter 2014," Tor Madsen, vice president for regional development, said in a statement. "We are very pleased with the results of the Valemon Nord wells, and will initiate feasibility studies to identify the best development solution for the discovery."

The Norwegian Petroleum Directorate confirmed the discovery in a northern part of the Valemon field in an area not previously known to contain oil and natural gas reserves.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
Trending News
Video
x
Feedback