The drilling of the Pingvin well in the Barents Sea did not prove suffient hydrocarbons for further field development.
The well was drilled in September by a partnership of Statoil (40%), RN Nordic Oil AS (20%), North Energy ASA (20%) and Edison International Norway Branch (20%). The operation revealed a 15-metre gas column with estimates in the range of 30-120 million barrels of recoverable oil equivalent, Statoil informs in a press release.
The discovery is currently assessed as non-commercial, the company says.
“On the positive side, it is encouraging that the first well drilled in this unexplored area has proven hydrocarbons in sandstones. This indicates that we have both a reservoir and a working hydrocarbon system in the area, and creates a good basis for further subsurface work in the licence,” says Dan Tuppen, vice president exploration Barents Sea and Norwegian Sea.
However, on the negative side, the drilling is another disappointing downturn for the Norwegian company. As previously reported, Statoil has found only minor hydrocarbon resources in the Barents Sea this summer, despite major expectations.
RN Nordic represents Russian oil major Rosneft in Norway. The licence is one of several held in partnership with the Norwegian state oil company Statoil. The two companies in 2012 concluded a major cooperation agreement which includes joint operations in the both the Russian and Norwegian parts of Barents Sea.
Related stories from around the North:
Canada: Canada ponders exceptions to relief well rule for Arctic oil drilling, Alaska Dispatch
Norway: No Norwegian services to Russian Arctic offshore oil, Barents Observer
Russia: Kara Sea oil discovered a week before sanctions hit, Barents Observer
United States: Shell’s new Chukchi plan: Two rigs drilling wells at the same time, Alaska Dispatch