Statoil has made a new gas discovery close to its Valemon field that started production two years ago in the North Sea.

Called Valemon West, the discovery is estimated to host around 20 million and 50 million barrels of oil equivalent.

Statoil senior vice-president for operations of west cluster Gunnar Nakken said: “This is an important discovery for the further development of Valemon. These new reserves can be put on stream immediately and will add considerable value.

“The discovery proves that there are still good opportunities in the North Sea, an area we know well, and its infrastructure is extensive.”

The west cluster includes Bergen-operated fields. The well is the seventh exploration type drilled in production licence 193 D, located around 160km north-west of Bergen.

"Discoveries such as this one and Cape Vulture are valuable contributions to existing fields."

Statoil head of Norway and UK exploration Jez Averty said: “We are very pleased to announce our second discovery in 2017. Discoveries like this one and Cape Vulture are valuable contributions to existing fields.”

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By GlobalData

Using the jackup rig West Elara, the exploration well was drilled from Valemon to a vertical depth of 4,337m below sea level. Water depth in this area is 133.5m.

Statoil is operator of the Valemon field and owns a 53.775% interest. The other stakeholders are Petoro AS (30%), Centrica Resources (Norge) (13%) and A/S Norske Shell (3.225%).

Statoil received the plan for development and operation approval from the Norwegian Ministry of Petroleum and Energy in June 2011.

The field started production in January 2015.

Image: Valemon platform in the North Sea. Photo: courtesy of Statoil.