Discovery on UKCS

December 8, 2004, 14:10 CET

ChevronTexaco has reported a significant oil and gas discovery in the Rosebank/Lochnagar structure on the UK continental shelf (UKCS), where Statoil holds a 30 per cent interest.

Located on the Atlantic Margin, close to the boundary between the UKCS and the Faroese sector, this strike was made with well 213/27-1Z in 1,100 metres of water.

Drilling was carried out by the West Navigator in the Faroe-Shetland Channel to a total measured depth of 3,607 metres, and completed on 30 August. No testing was done.

ChevronTexaco and its partners plan to drill additional wells to appraise the size of this discovery.

"We are very optimistic about the significance of this discovery to Statoil," reports Gregory Himes, vice president for global exploration for the former Soviet Union and Europe, in the International Exploration & Production business area.

"We hope this discovery will lead to further exploration success in the UK and Faroes."

Rosebank/Lochnagar lies in licence P1026, which embraces blocks 213/26 and 213/27. Statoil took a decision to farm into this licence in January 2004.

Prior to drilling the discovery, the partnership applied for and was awarded interests in the five blocks surrounding the prospect during the 22nd round. Statoil has a 30 per cent interest in all five blocks.

In addition to operator ChevronTexaco, with 40 per cent, and Statoil, partners in the licence are OMV with 20 per cent and Dong with 10 per cent.