Statoil ASA Makes North Sea Gas and Condensate Discovery-Reuters

Reuters reported that Statoil ASA has made a gas and condensate discovery in the King Lear prospect in the North Sea. King Lear lies approximately 20 kilometers North of the Ekofisk, home of the first commercial oil find on the Norwegian continental shelf, supporting the Company's strategy of revitalising mature areas. The Company said it estimates the total volumes in King Lear to be between 70 million barrels of recoverable oil equivalent (boe) and 200 million boe. The Company as operator holds a 77.8% stake in the production licences while Total has the remaining 22.2%. Exploration wells have proven a 48-meter gas and condensate column in upper Jurassic sandstone in the Farsund formation, and an additional 70-meter column in the side track. The Company said it would look into whether to develop the gas discovery as a stand-alone or as a tie-in to the existing infrastructure in the area. The company considers a high impact discovery to be over 100 million boe net for the Company or over 250 million boe in total with partners.