Statoil and PL035 partners completed a two-well program in the Krafla area of the North Sea, the company said Feb. 9. Since 2011 significant new recoverable resources have been proven in the area, the company added

The Krafla Main Tarbert appraisal well and the small oil discovery in the Krafla North Prospect in December increased the robustness of the Krafla Field Development project, Statoil said.

"Since 2011 we have made five discoveries in the Krafla area which includes the licences PL035 and PL272: Krafla Main, Krafla West, Askja West, Askja East and Krafla North," said Irene Rummelhoff, Statoil senior vice president for exploration on the Norwegian Continental Shelf (NCS).

"Altogether we expect to have discovered recoverable resources in a range of 140-220 million barrels of oil equivalent just 25 kilometers southwest of Oseberg South and 150 kilometers west of Bergen. These are very substantial volumes for a mature area of the shelf," she added..

Stavanger, Norway-based Statoil works to unlock the full potential of the mature areas of the NCS through increased recovery initiatives in producing fields and targeted exploration programs in surrounding areas.

The discoveries in the Krafla area once again demonstrate that growth opportunities still exist in the North Sea.

"Statoil has a unique role as an area architect in the mature parts of the NCS with long experience in developing new discoveries by utilizing existing infrastructure," said Knut Skjoldli, vice president-field development west in Statoil.

Statoil is the operator of PL035/PL272 with a 50% interest. The partners are Svenska Petroleum Exploration AS, with a 25% working interest, and Det norske oljeselskap ASA, with a 25% working interest, the company said.

Source: Statoil

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