• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 3 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 18 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 7 hours Saudi Arabia turns to solar
  • 4 hours Why is permian oil "locked in" when refineries abound?
  • 11 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 hour Could Venezuela become a net oil importer?
  • 7 hours Teapots Cut U.S. Oil Shipments
  • 6 hours Oil prices going down
  • 7 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 23 hours Sell out now or hold on?
  • 23 hours Could oil demand collapse rapidly? Yup, sure could.
  • 24 hours Gazprom Exports to EU Hit Record
  • 22 hours "The Gasoline Car Is a Car With a Future"
  • 8 hours Putin Says 'Fierce' U.S. Politics Hindering Summit With Trump
  • 17 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
Venezuela Forced To Shut Down Production As Operations Fall Apart

Venezuela Forced To Shut Down Production As Operations Fall Apart

Venezuela’s economic, social and political…

NAFTA Rift Could Be A Boon For Canadian Oil

NAFTA Rift Could Be A Boon For Canadian Oil

President Trump’s plan to renegotiate…

Statoil Strikes Oil At New Barents Sea Field

Oil

Statoil has struck crude oil in the Kolje formation in the Barents Sea, near the Johan Castberg field, the company announced. Recoverable reserves at the location are estimated at 25 to 50 million barrels. According to Statoil’s news release, this is the first-time oil was found in this kind of formation in the Barents Sea, which, said the company’s senior vice president for exploration in Norway and the UK, “opens interesting opportunities.”

At the same time, Statoil announced the start of production at another field, the Gina Krog, in the North Sea. The field contains an estimated 224 million barrels of oil equivalent, with production expected to continue until 2032.

At the end of last month, Statoil got the go-ahead from the Petroleum Safety Authority of Norway to start drilling at another location in the Barents Sea, part of the Korpfjell prospect. Yet another drilling launch was announced for the Ge­­­mini Nord prospect, also in the Barents Sea.

Norway’s state oil company has so far identified five oil and gas prospects in the Barents Sea, and the latest reports show it is wasting no time in moving ahead with exploration in the Arctic part of its continental shelf. Earlier this year, the Petroleum Directorate revised upwards its earlier estimates of oil and gas reserves in the area, and substantially: the authority said undiscovered oil and gas in the Barents Sea is twice as much as previously estimated.

The Barents Sea holds almost 65 percent of Norway’s undiscovered offshore hydrocarbon reserves, with most of them concentrated in the northern part of the aquifer. According to the director general of the NPD, the Northern Barents Sea—which is half the size of the southern part—holds roughly the same amount of resources—meaning the Northern Barents Sea holds about twice as much potential per square kilometer as the southern part.

All this has made the Barents Sea a priority exploration area for the state energy major, which has partnered with a number of international peers, including Eni, Chevron, ConocoPhillips, OMV, and Lundin on various projects there.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News