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11.04.2014 Statoil: Gas and Oil discovery in North Sea

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 drilling rig Transocean Leader, are located approximately 10 kilometres north of the planned Valemon installation.

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

Statoil estimates the total volumes in Valemon North to be in the range of 20-75 million barrels of recoverable oil equivalent (o.e.).

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 fourth quarter 2014.