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Statoil Finds Gas & Oil Discovery in the Valemon Area

Source: www.gulfoilandgas.com 4/11/2014, Location: Europe

Operator Statoil has together with the Valemon Unit partners made a gas and oil discovery in the Valemon Nord prospect in the North Sea. The discovery wells 34/10-54 S and 34/10-54 A, drilled by the drilling rig Transocean Leader, are located approximately 10 kilometres north of the planned Valemon installation.

The main wellbore 34/10-54 S proved a gross 164-metre gas/condensate and oil column in the Middle Jurassic Brent Group. The side-track 34/10-54 A proved a gross 100-metre gas/condensate column in the Brent Group and in sand of unspecified Jurassic age, and an additional gross 140-metre gas/condensate column in the Statfjord Group. Gas/condensate was also found in the middle Jurassic Cook Formation.

Statoil estimates the total volumes in Valemon North to be in the range of 20-75 million barrels of recoverable oil equivalent.

“We are very satisfied with making a new discovery in the close proximity of the Valemon gas and condensate field currently under development, says Irene Rummelhoff, senior vice president exploration Norway in Statoil.

“By proving additional volumes in the area we increase the reserves base in the Valemon Unit area and add value to the Valemon field development.”

The Valemon field, discovered in 1985, is one of Statoil’s largest ongoing development projects on the Norwegian continental shelf. The recoverable reserves are estimated at 206 million barrels of oil equivalents.

The development concept is a fixed platform, with rich gas export to Heimdal and condensate export to Kvitebjorn. Production start-up is expected fourth quarter 2014.

“We are very pleased with the results of the Valemon Nord wells, and will initiate feasibility studies to identify the best development solution for the discovery,” says Tor Madsen, vice president for field development in the western North Sea.

Statoil puts a lot of effort into maximising safety and increasing efficiency in exploration drilling. Rummelhoff emphasises sound operational performance in the Valemon Nord wells.

“In Valemon Nord we dealt with a complex and fragmented reservoir with varying pressures and high temperature, requiring extra focus on HSE. I am very pleased with having completed the operations with no serious incidents,” says Rummelhoff.

Exploration wells 34/10-54 S and 34/10-54 A are situated in the Valemon Unit area in the North Sea. Statoil is operator with an interest of 53.775%. The partners are Petoro AS (30%), Centrica Resources (Norge) AS (13%) and A/S Norske Shell (3.225%).

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