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New find in Barents Sea

February 2, 2001, 10:00 CET

Statoil has found oil and gas in production licence 202 in the North Cape Basin, roughly 130 kilometres north-east of Norway's North Cape.

The exploration well was drilled in a structure close to a salt diapir, a model not previously explored in the Barents Sea.

In 288 metres of water, the well was drilled to a total depth of 2,824 metres below sea level. The find was proven in Triassic sandstone.

According to Erik Henriksen, sector manager for the Barents Sea area, it is too early to comment on recoverable resources.

Drill rig Transocean Arctic has taken about 100 core samples and extensive logging of the well has been carried out.

Further tests are continuing and the data collected will be analysed to determine the size of the find. Statoil is assessing whether appraisal wells should be drilled.

Operator Statoil has a 25 per cent share in the licence. The other licensees are the state's direct financial interest (SDFI) with 30 per cent, Amerada Hess (25 per cent) and Norsk Hydro (20 per cent).