Saturday 25 July 2015

Gas discovery in North Sea

A gas and condensate discovery has been made in the North Sea.

Norwegian firm Statoil and its partner Total E&P Norge, part of the Total group, made the discovery in the Julius prospect in the King Lear area.

Statoil estimates the volumes in Julius to be between 15 million and 75 million barrels of recoverable oil equivalent.

The volumes in King Lear are expected to stay within the previously estimation of 70 million - 200 million barrels of recoverable oil equivalent.

May-Liss Hauknes, Statoil Vice President for exploration in the North Sea said: “The King Lear and Julius discoveries are located in one of the most mature parts of the Norwegian continental shelf - just 20 kilometres north of Ekofisk, the first commercial NCS discovery made 45 years ago.

"The discoveries confirm Statoil’s view that even such mature areas of the NCS still have an interesting exploration potential.”