|
Statoil confirms two Newfoundland finds
Norway’s Statoil has confirmed two new discoveries after 19 months of evaluating its drilling program in the Flemish Pass basin offshore Newfoundland.
The company issued the results from its Bay du Nord play after the return of its West Hercules semi-submersible to a base at Bay Bulls in Newfoundland.
However, Statoil said the results are likely at the lower end of its 2013 expectations of 300 million to 600 million barrels.
A spokesman said efforts are now concentrated on determining whether the recoverable volumes are commercial.
The company has previously suggested Bay du Nord is unlikely to become a core producing area until after 2020.
Nine wells were drilled near the original Bay du Nord find about 300 miles offshore, with some drilled at record speed despite the harsh offshore environment, the operator said.
Uncertainties reduced Statoil said the appraisal well and near-field exploration have “reduced key reservoir uncertainties and confirmed that the volumes are within the original volume range.”
The campaign included three appraisal wells and four nearby exploration wells, plus two wells outside the discovery zone, one with ExxonMobil and Royal Dutch Shell and one with Chevron, Shell and BP.
Statoil said oil was found in two prospects, called Bay de Verde and Baccalieu, adding it was working to mature more prospects that could increase potential volumes and help trigger a development.
“Of course we would have wanted to find more,” said the spokesman. “But this is a gigantic area (of 11,600 square miles where only 17 wells have been drilled so far) and it’s still in an early phase.”
Statoil Canada President Paul Fulton said the latest drilling program has been “critical to Statoil’s continued assessment of Bay du Nord” and its chances of operating a development.
- GARY PARK
| 