Statoil ASA (OSE:STL, NYSE:STO) and its partners Eni Norge AS (30%) and Petoro AS (20%) have made another substantial oil discovery in the Barents Sea. The new impact well sits on a discovery called Havis and is in the same licence as Skrugard (PL532), about 7 kilometers southwest from it. There is no communication between the discoveries. Havis is called Skrugard’s twin with 200 to 300 million barrells of recoverable oil equivalents. Statoil says that together they open up a new petroleum province in the North.
Norwegian Continent Shelf is experiencing a true renaissance. Within a year there have been several large discoveries, with the massive Aldous discovery in the North Sea leading the way. Statoil will maintain 600 000 to 700 000 barrel daily production on the NCS until 2020. Statoil had been very hopeful on the Havis drilling back when it started in December. The company has 30 years of experience from Barent’s Sea drilling and is now reaping the rewards of that long-term thinking. Norwegian companies serving the offshore industry can also expect good times going forward.
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