Statoil backs development of Badger Explorer
- Business & Finance
Norway-based Badger Explorer ASA (BXPL) has signed an agreement with Norwegian oil major Statoil according to which the oil company will sponsor the first phase of the Badger Explorer Development Program.
The objective of the Development Program is to further develop, design and qualify technologies and solutions for a commercial Badger Explorer tool.
According to BXPL, the Badger Explorer is a new formation and reservoir evaluation tool which drills into the subsurface without the risks, cost and complexity of drilling an exploration well with a rig. The tool drills into the subsurface and buries itself. It features a slim electrically powered drilling system and carries sensors, which continuously record data, producing logs while drilling, and providing continuous, long-term data in surveillance mode, the company explains.
Steinar Bakke, CEO of BXPL said: “We consider Statoil’s continued sponsorship to be a very significant event for our company and will represent the formal start of the Badger Explorer Development Program. BXPL has passed a number of important technological milestones in the past programs, and we are several steps closer to our first commercial service. Statoil’s continued participation and increased commitment are important factors in the ongoing development process.”
According to the press release, funds will be awarded to BXPL when the agreed milestone is reached. Statoil’s total contribution to the first phase of the Badger Explorer Development Program will be NOK 7.5 million ($971,610).
BXPL notes that other contributors to the Development Program will include Research Council of Norway, with NOK 13.2 million ($1.71 million).
The company has also said that negotiations with other potential sponsoring oil companies are ongoing.