Statoil Makes New Discovery in North Sea Krafla Prospect

11 May 2011 (Last Updated May 11th, 2011 18:30)

Statoil and partners Det norske oljeselskap and Svenska Petroleum Exploration have made a new oil discovery in the North Sea Krafla prospect. A discovery of between 12.5 million and 56.5 million barrels of recoverable oil equivalent was identified in the well, which is located in block

Statoil and partners Det norske oljeselskap and Svenska Petroleum Exploration have made a new oil discovery in the North Sea Krafla prospect.

A discovery of between 12.5 million and 56.5 million barrels of recoverable oil equivalent was identified in the well, which is located in block 30 / 11, 26km south of the Oseberg South field.

The well was drilled by the Ocean Vanguard rig, showing a column of approximately 200m in reservoir rocks.

Once the Krafla well is completed, Ocean Vanguard will start drilling Krafla West.

The licensees in PL035 / PL272 include operator Statoil, which owns 50%, and Det norske oljeselskap and Svenska Petroleum Exploration, with 25% each.