Statoil Strikes Gas in Barents Sea

Statoil said that it has together with PL532 partners made a gas discovery in the Kramsnø prospect in the Barents Sea.

The well has been drilled about 11 kilometres northwest of the 7220/8-1 Johan Castberg discovery in the Barents Sea and about 247 kilometres northwest of Hammerfest.

The well encountered a gross gas column of about 130 metres in the Stø and Nordmela formations, with poorer reservoir quality than expected. In the Snadd formation, the well encountered an approx. 45-metre tall gross gas column.

Preliminary calculations indicate that the discovery totals between two and four billion standard cubic metres (Sm3) of recoverable gas.

Statoil is operator for production licence PL532 with an ownership share of 50%. The licence partners are Eni Norge AS (30%) and Petoro AS (20%).

Press Release, February 20, 2014