Statoil again ups stake in Barents Sea

Daniel J. Graeber
Norwegian energy company Statoil reaches an agreement to increase its hold over a discovery area in the Barents Sea. Map courtesy of Statoil
After stating its intention to move to northern waters, Norwegian energy company Statoil said it strengthened its grip on Barents Sea assets.
The Norwegian energy company said it reached an agreement with a regional subsidiary British energy company Tullow Oil to increase its holdings in license areas in the Wisting discovery in the Norwegian waters of the Barents Sea.
"This transaction reflects our strong belief in the exploration potential on the Norwegian continental shelf and our commitment to create value in the Barents Sea," Jez Averty, a vice president for regional exploration for Statoil, said in a statement.
The Norwegian company said it's already built up a substantial portfolio in the Barents Sea and, through the proposed transaction, is now the largest equity holder in the Wisting region.
By Statoil's estimates, the Wisting area is one of the largest in the region, with an estimated 241 million barrels of oil equivalent of recoverable reserves.
One of the companies also in the area, Austrian energy company OMV, said its preliminary testing at Wisting yielded more than 5,000 barrels of oil equivalent per day. The company estimated the preliminary size of the find at between 60 million and 160 million barrels of recoverable oil and between 10 billion and 40 billion cubic feet of recoverable natural gas.
Statoil in late August said it would extend its reach north to the Barents Sea next year in an effort to replenish its exploration portfolio. The company already has a rig on contract suitable for operations in northern waters and said it's slated to drill up to seven wells in the region in 2017.
About half of the 18 billion barrels of oil equivalent yet to be discovered in Norwegian waters are in the Barents Sea.
Norway is one of the lead oil and natural gas suppliers to the European market.

Statoil again ups stake in Barents Sea Reviewed by Bizpodia on 18:14 Rating: 5

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