Statoil makes oil, gas discovery in the Valemon Nord prospect

Statoil has together with the Valemon Unit partners made a gas and oil discovery in the Valemon Nord prospect in the North Sea. The discovery wells 34/10-54 S and 34/10-54 A, drilled by the Transocean’s semisubmersible, Transocean Leader, are located approximately 10 km north of the planned Valemon installation. Statoil estimates the total volumes in Valemon North to be in the range of 20-75 million BOE.

The main wellbore 34/10-54 S proved a gross 164-m gas/condensate and oil column in the Middle Jurassic Brent Group. The side-track 34/10-54 A proved a gross 100-m gas/condensate column in the Brent Group and in sand of unspecified Jurassic age, and an additional gross 140-m gas/condensate column in the Statfjord Group. Gas/condensate was also found in the middle Jurassic Cook Formation.

“We are very satisfied with making a new discovery in the close proximity of the Valemon gas and condensate field currently under development,” said Irene Rummelhoff, Senior Vice President Exploration Norway in Statoil. “By proving additional volumes in the area we increase the reserves base in the Valemon Unit area and add value to the Valemon field development.”

The Valemon field, discovered in 1985, is one of Statoil’s largest ongoing development projects on the Norwegian continental shelf. The recoverable reserves are estimated at 206 million barrels of oil equivalents. The development concept is a fixed platform, with rich gas export to Heimdal and condensate export to Kvitebjørn.  Production start-up is expected Q4 2014.

“In Valemon Nord we dealt with a complex and fragmented reservoir with varying pressures and high temperature, requiring extra focus on HSE. I am very pleased with having completed the operations with no serious incidents,” says Ms Rummelhoff.

Exploration wells 34/10-54 S and 34/10-54 A are situated in the Valemon Unit area in the North Sea. Statoil is operator with an interest of 53.775%. The partners are Petoro AS (30%), Centrica Resources (Norge) AS (13%) and A/S Norske Shell (3.225%).