Wednesday, September 24, 2014

Statoil, Rosneft Find Gas in Arctic Well in Norway’s Barents Sea

Statoil ASA (STL) found natural gas off the shore of Norway with Russia’s OAO Rosneft (ROSN), the state-controlled oil company targeted by international sanctions.
“The well has proved gas in a sandstone reservoir,” North Energy ASA (NORTH), a partner in the Pingvin prospect, said in a statement today. The company provided no resource estimates, saying more information would be given as soon as results are analyzed.
The Pingvin well follows disappointing exploration results for Statoil in the Barents Sea over the last 1 1/2 years as it struggles to match the success of the Skrugard and Havis oil finds in 2011 and 2012. The Stavanger-based company failed to make a commercial discovery in its northernmost campaign offshore Norway in the Hoop area this year.
A one-year, $3 billion exploration campaign through May also failed to find sufficient quantities of oil to avoid a new delay of the Johan Castberg development, which consists of Skrugard and Havis. While the two discoveries, which may hold as much as 600 million barrels of oil between them revived interest in the Barents Sea, a concept choice has been deferred to next year as Statoil seeks to make the project more profitable amid higher costs and taxes.
The Pingvin well is the first where Rosneft has participated on the Norwegian shelf after it got a stake in the 713 license last year. The company, which has been targeted by U.S. and European Union sanctions over Russia’s involvement in the Ukraine conflict, signed a cooperation deal with Statoil in 2012 that also involves projects in Russia.
The Pingvin well was held up for a few days earlier this month as environmental group Greenpeace filed a complaint arguing that the operations were too close to the Bear Island nature reserve and the polar ice cap.

No comments:

Post a Comment