Statoil and PL602 partners have made a gas discovery in the Gymir prospect. With three discoveries in a row, Statoil said progress has been made in unlocking full potential of the Aasta Hansteen area.
The well 6706/11-2, drilled by the Transocean Spitsbergen rig in the Gymir prospect, proved a gross 70-m gas column in the Nise Formation with good reservoir qualities, the company said in a news release. Statoil estimates the volumes in Gymir to be in the range of 6 million to 19 million barrels of recoverable oil equivalent. Gymir is located 8 km away from Roald Rygg and 14 km away from Snefrid Nord.
Statoil said Aasta Hansteen will be the largest SPAR platform in the world and is the biggest ongoing field development project in the Norwegian Sea. It is one of the main projects in Statoil’s portfolio. The plan for development and operations (PDO) was approved by the Norwegian Ministry of Petroleum and Energy in 2013. Production start-up is expected in 2017.
The drilling operations in all three wells have been extremely efficient, making them the fastest deep-water wells ever drilled on the Norwegian Continental Shelf, Statoil said. The Gymir well has been completed in just 13 days, the release said.
Analysts are optimistic about Argentina's offshore oil and gas sector, while concerns surround development of the Vaca Muerta Shale.
Bahrain’s state-owned Tatweer Petroleum said it would sign agreements within a few weeks with Italian oil major Eni and Japan’s JX Nippon to develop the Bahrain Field.
The agreement covers Block A offshore Ras Al Khaimah, one of the seven United Arab Emirates (UAE).