08 February 2017, Sweetcrude, Lagos – Statoil says its new gas discovery on the North Sea’s Valemon field, called Valemon West, will add considerable value.
The discovery announced last week by the company is coming two years after the asset came on stream.
It is estimated to contain between 20 and 50 million barrels of oil equivalent, according to a Statoil statement.
“This is an important discovery for the further development of Valemon,” Gunnar Nakken, Statoil’s senior vice president for the operations west cluster, said.
“These new reserves can be put on stream immediately and will add considerable value. The discovery proves that there are still good opportunities in the North Sea, an area we know well, and its infrastructure is extensive,” he added.
The well, which is situated 100 miles northwest of Bergen, was drilled to a vertical depth of 14,229 feet below sea level.