• 26 mins ConocoPhillips Sets Price Ceiling For New Projects
  • 2 days Shell Oil Trading Head Steps Down After 29 Years
  • 3 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 3 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 3 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 3 days Venezuela Officially In Default
  • 3 days Iran Prepares To Export LNG To Boost Trade Relations
  • 3 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 3 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 3 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 4 days Rosneft Announces Completion Of World’s Longest Well
  • 4 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 4 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 4 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 4 days Santos Admits It Rejected $7.2B Takeover Bid
  • 4 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 4 days Africa’s Richest Woman Fired From Sonangol
  • 5 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 5 days Russian Hackers Target British Energy Industry
  • 5 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 5 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 5 days Lower Oil Prices Benefit European Refiners
  • 5 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 6 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 6 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 6 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 6 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 6 days OPEC To Recruit New Members To Fight Market Imbalance
  • 6 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 6 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 6 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 7 days GE Considers Selling Baker Hughes Assets
  • 7 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 7 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 7 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 7 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 7 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 9 days The Oil Rig Drilling 10 Miles Under The Sea
  • 10 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 10 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
Fuel Crisis Hits Kazakhstan Hard

Fuel Crisis Hits Kazakhstan Hard

Amid an ongoing fuel crisis,…

Can Oil Majors Continue To Beat Estimates?

Can Oil Majors Continue To Beat Estimates?

As oil prices claw their…

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