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Statoil scores big with second reservoir find

Foto: (Foto: Statoil)

Statoil’s first production well at the Kristin field hit jackpot as it located a second reservoir below the main one.

The first production well at the Kristin field at Haltenbanken was completed in mid January. The main reservoir contains the estimated amounts of oil and gas, but in addition, Statoil has located another reservoir located below the main one.

“We are now finished drilling the first well of a total of 12,” said Mari Dotterud, head of information at Statoil, to TV 2 Nettavisen. “We located what we expected to find, then we drilled further and found more. We are now analysing the test and evaluating the results.”

Located on five kilometres down
The reservoirs located are on five kilometres depth, and they were not added into the decision to go ahead with the Krisitn project.

Sources in the industry confirmed to TV 2 Nettavisen that the find may increase the recoverable reserves with between five and ten percent. With the current prices of oil and gas, this find may have a gross production value of as much as NOK 7 billion (USD 1 billion).

Very positive
Statoil did not want to comment the size of the extra reservoirs.

“This is very positive for Kristin, but it is too early to say what this means in financially,” Dotterud said. “We have only taken core samples from the drill column, and we are now evaluating the results.”

The find was made in the first of a total of 12 production wells which will be drilled at the Krisitin field. Statoil has calculated that the field has a total gross production value of about NOK 73 billion (USD 10.4 billion).

Extra costs
The costs of the development have earlier been estimated at NOK 17 billion (USD 2.4 billion). Statoil stated Thursday that a new drilling strategy may present an additional cost of between NOK 1 and 2 billion (USD 143 and 286 million), but the new strategy is expect to give increased revenue.

Statoil owns almost 47 percent of the Kristin field. Other owners of the field are the federal Petoro, Norsk Hydro, ExxonMobil, ENI and Total. The development of the Kristin field is expected to be completed in March 2005.

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