Statoil evaluating Barents Sea discovery

Norway's Statoil AS said Friday it was evaluating an oil and gas discovery on production license 202 in the North Cape Basin of the Barents Sea. Statoil said the hole was drilled to 2,824 m TD in Triassic sandstone by the Transocean Arctic in 288 m of water in a structure close to a salt diapir, 'a model not previously explored in the region.'


LONDON, Feb. 5�Norway's Statoil AS said Friday that it was evaluating an oil and gas discovery on production license 202 in the North Cape Basin of the Barents Sea.

It took 100 core samples and performed "extensive" logging.

Statoil Sector Manager Erik Henriksen said it is "still too early to comment on recoverable resources."

The company said tests are continuing and the data collected will be analyzed before it decides whether to drill appraisal wells.

Production license 202 includes blocks 7227/11-12 and 7228/7-10 and was awarded to Statoil in Norway's 14B licensing round in September 1993. This drilling is part of Statoil's Barents Sea exploration program.

Operator Statoil has a 25% share in the license. The state's direct financial interest (SDFI) has 30%, Amerada Hess Corp. 25%, and Norsk Hydro AS 20%.

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