Statoil reported Friday that it has made gas and oil discoveries at the Valemon Nord prospect in the North Sea of up to 75 million bbl of recoverable oil equivalent.
The main well, 34/10-54 S, showed 538-foot gas/condensate and oil column in a Middle Jurassic Brent Group reservoir.
Irene Rummelhoff, Statoil Senior Vice President of Exploration for Norway, said, “”We are very satisfied with making a new discovery in the close proximity of the Valemon gas and condensate field currently under development. By proving additional volumes in the area we increase the reserves base in the Valemon Unit area and add value to the Valemon field development.”
The Valemon field was discovered in 1985 and is one of Statoil’s largest ongoing development projects on the Norwegian Continental Shelf.
Recoverable resources are estimated at 206 million bbl of oil equivalent to date.