Norwegian offshore drilling in billion businesses


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Tuesday, 16 August 2011
The Norwegian oil giant Statoil has discovered a huge oil pool in the North Sea. The discovery is the largest since the 80's and one of the largest ever in Norwegian waters.
According to Statoil, “communication between the Aldous and Avaldsnes oil discoveries in the North Sea has now been confirmed. In combination these discoveries may represent an oil structure of between 500 million and 1.2 billion barrels of recoverable oil equivalent.”

The finding is far greater than was initially thought. On 8 August, Statoil and its partner Lundin Petroleum reported that oil had been found on the site. Then this was estimated to be between 200 and 400 million barrels in the Aldous.


If the upper end of the range is reached, the licenses can together form one of the ten largest oil reserves on the Norwegian continental shelf, writes Statoil with 40 percent in both license PL 265 in which Aldous lying in PL 501 in which Avaldsnes found.

If the upper part of the interval strikes pay dirt, the discovery will be one of the ten largest oil finds ever on the Norwegian continental shelf (NCS). Statoil (OSE: STL, NYSE: STO) has a 40percent stake both in licence PL 265, where Aldous was discovered, and in PL 501, where the Avaldsnes discovery was made.

“Aldous/Avaldsnes is a giant oil discovery, and according to our estimates the combined discovery may make the top 10 list of NCS oil discoveries. Norway has not seen a similar oil discovery since the mid-eighties” says Tim Dodson, Statoil’s executive vice president for Exploration.

Lundin Petroleum  has 10 percent of Aldous Major South (license 265) and 40 percent in Avaldsnes. Maersk and Petoro are also partners in the licenses.

For Statoil's part, this is the third major discovery this year, writes Nettavisen. The company has already found oil in the Barents Sea as well as in Brazil.
By Team

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