A promising site for a new gas well has been found in the North Sea’s Valemon field.
The discovery comes two years after the main Valemon platform went into operation and is being referred to as Valemon West.
The well is estimated to contain a volume of gas equivalent to between 20 and 50 million barrels of oil – Statoil says these new reserves can be exploited immediately and will provide considerable value.
The company also said the find proves there are still good oil and gas opportunities to be had in the North Sea.
The well, which was drilled 160 kilometres north-west of Bergen, is currently being completed and linked to the Valemon platform.
Jez Averty, Statoil’s Head of Exploration in Norway and the UK, said: “We are very pleased to announce our second discovery in 2017. Discoveries like this one and Cape Vulture are valuable contributions to existing fields.”
Statoil is also currently testing a new technology that detects methane leaks at one of its production facilities in the US.