Monday, September 01, 2014

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Statoil Fails to Hit Gas at Norwegian Crux Prospect

Exploration well 30/6-28S (Source: Statoil)
Exploration well 30/6-28S (Source: Statoil)

Norwegian major Statoil has been left disappointed after failing to hit any hydrocarbons at its Crux prospect in the Norwegian North Sea.

The company had previously identified the Crux prospect as a high-impact gas opportunity and spudded a well earlier this year. Expected reserves for the prospect were thought to total up to 250 million barrels of oil equivalent, with 100 million boe net to Statoil. 

Statoil said today that it had been testing a hypothesis that the Crux prospect indicated a separate gas-filled structure underlying the Oseberg field in the North Sea.

However, drilling operations on the prospect have failed to bring any results, with no gas found. Seperately, the well encountered a small gas find the company said.

"The well 30/6-28S had two objectives," Statoil's vice president of  Exploration Licenses for the North Sea Tore Løseth said. "First, to test a new play in the area–the Crux Prospect, which was a high risk / high reward opportunity. Second, to test an infrastructure-near prospect called Crimp, with relatively modest volumes but attractive economics.

"Unfortunately, we have not found gas in the Crux Prospect, but we are pleased with the oil discovery in Crimp. Even though our high impact opportunity has not materialised, we have delivered some valuable additional resources to the Oseberg Unit."

The oil find is said to contain between 12 and 18 million barrels of oil.

Statoil is the operator and major stakeholder on production license PL053 which contains the 30/6-28S well with a 49.3 per cent share. The partners in the licence are Petoro with a 33.6 per cent stake, Total E&P Norge with a 10 per cent stake, ExxonMobil E&P Norway with a 4.7 per cent stake and ConocoPhillips Skandinavia with a 2.4 per cent stake.

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