Statoil starts drilling on the Verbier Prospect, UK North Sea
Statoil (UK) has commenced drilling operations on well 20/05b-13 in UK Seaward Licence P.2170, blocks 20/5b & 21/1d, located in the North Sea, UK.
License stakeholder Jersey Oil & Gas (JOG) announced that the drilling campaign will evaluate the Verbier prospect using the Transocean Spitsbergen semi-submersible rig.
The entire drilling campaign is expected to take almost 70 days, and may include a side-track well depending on the results of the initial well.
Jersey Oil & Gas COO Ron Lansdell said: “The drilling of the Verbier prospect is the culmination of several years of hard and creative work by the joint venture partnership.
“The P.2170 Licence was previously operated by Jersey Oil & Gas alongside CIECO, and we significantly de-risked the prospect prior to negotiating the farm-out to Statoil, the current operator.
“Success at Verbier could provide significant impetus for potential future exploration of the neighbouring Cortina prospect within the P.2170 Licence area.”
Statoil (UK) operates the P.2170 Licence with a 70% interest and will bear all costs up to $25m for the exploration well drilling programme.
JOG also benefits from a further cash carry of 10% of the well costs from its co-venturer CIECO Exploration and Production (UK).
JOG and CIECO hold 18% and 12% interest in the P.2170 Licence respectively.
In addition to the Verbier prospect, the licence features the Cortina prospect, which features 124 million barrels of oil equivalent (mmboe) gross mean prospective resources, and Meribel lead.
Both prospects are situated in Upper Jurassic targets.