North Sea Serves Up Oil for Statoil
Despite the bad press surrounding the North Sea and Royal Dutch Shell’s recent pipeline leak, we bring good news from the North Sea now. Statoil has made a great discovery, with BIG number predictions. William Pentland has all the nitty gritty details of Statoil’s recent discovery.
Statoil has suggested the Aldous and Avaldsnes oil discoveries in the North Sea may collectively contain 500 million and 1.2 billion barrels of recoverable oil.
The discovery may represent one of the ten largest oil finds ever on theNorwegian Continental Shelf (NCS). Statoil has a 40% stake both in license PL 265, where Aldous was discovered, and in PL 501, where the Avaldsnes discovery was made. The discovery is located about 140 km west of Stavanger, Norway, in a water depth of 112 meters.
“Aldous/Avaldsnes is a giant oil discovery, and according to our estimates the combined discovery may make the top 10 list of NCS oil discoveries. Norway has not seen a similar oil discovery since the mid-eighties,” said Tim Dodson, Statoil’s executive vice president for Exploration.
This is the third “high-impact discovery” – defined as a total of more than 250 million barrels of oil equivalent, or 100 million net barrels of oil equivalent - for Statoil as an operator in 2011.
In April, the 250 million barrel Skrugard oil discovery was made in the Barents Sea, and the 150-300 million barrel Peregrino South oil field was discovered offshore Brazil.
This was an extremely large find by Statoil. This could greatly impact their stock prices, and may already have. Keep a close eye on these guys, because with a big find like this, they have great potential.
Quotes taken from report by William Pentland, Read the entire article here.
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