Major Oil And Gas Finds In northern Europe
Written by: EurActiv January 10, 2012
The new oil find, called Havis, may hold between 200 million and 300 million barrels of oil equivalent (boe). The new find combined with the previous and nearby discovery, Skrugard, could provide between 400 million and 600 million boe, Statoil said yesterday (9 January).
“This is extremely positive,” said John Olaisen, an analyst at the Carnegie investment banking firm in Oslo. “This is an important strategic asset in a new oil region, so this is very good … One could expect more oil finds in the region after this.”
A Shell and ExxonMobil joint venture, Nam, has also announced what it says is the largest on-shore gas field discovery in the Netherlands since 1995, near Ee, in Friesland.
Production at the South Metslawier site, which is estimated to hold 4 billion cubic metres of reserves, is expected to begin in the summer, and last until 2015.
The Norwegian find in the Barents Sea, followed a carve-up of the territory in 2010 between Norway and Russia.
Norway is the world’s eighth-largest oil exporter and the second-largest for gas, which has seen declining oil output since 2001, following a string of offshore discoveries made over the past year.
Finding oil in the Norwegian part of the Barents Sea had until recently proven to be very difficult.
Over the past 30 years oil companies have drilled 92 exploration wells but only a handful have proven to be hits – Skrugard, Statoil’s Snoehvit gas field, Eni’s Goliat oilfield and Total’s Norvarg discovery.
Statoil now expects to strike more oil in the region around Havis.”We believe we now understand (the geology) and have cracked the code in this area,” the company’s chief executive Helge Lund said.
“We think we will be able to make additional finds in this licence in the future,” he said.
Production at Havis is expected to begin before the end of the decade.
- Norway Makes Its Second Huge Oil Discovery Of The Year (businessinsider.com)
- Big Statoil Arctic find boosts Norway’s oil future (business.financialpost.com)
- Statoil Looks to Expand Offshore Operations in the Norwegian Arctic (gcaptain.com)
- Norway: Statoil Steps Up Technology Efforts to Increase Production (mb50.wordpress.com)