Equinor upgrades the Cape Vulture oil find
Equinor (Statoil) and partners hike the minimum value of the Cape Vulture discovery in the Norwegian Sea. The company now doubles the estimate of remaining resources in the Norne field.
That was the exploration rig Deepsea Bergen which at the beginning of 2017 drilled and found more oil columns in the area northwest of Brønnøysund – in the licenses 128 and 128D.
The estimate of the discovery was originally between 20 and 80 million barrels of oil equivalents.
Currently, the partnership has delimited the Cape Vulture and set a more accurate estimate of between 50 and 70 million barrels. A narrower corridor and a higher minimum estimate.
– We are very pleased to have discovered and defined a significant oil field off the coast of Nordland. The appraisal well confirms a new exploration model on the North Sea Ridge in the Norwegian Sea, says Equinor’s Manager of the Norwegian and British Shelf, Nick Ashton, in a statement.
Doubles remaining oil reserves
The find is located near the Norne production ship and can be linked to this in the future.
The production vessel was scheduled to shut down in 2014, but because the ship is in good condition and the area has not been fully explored yet, Equinor has applied for an extension until 2036.
Now, the company is informing that the Cape Vulture discovery more than doubles the remaining oil reserves in the Norne field.
– That It will be profitable, we do not doubt, although it is too early to say anything about the exact value, says Equinor spokesperson, Morten Eek, to DN.
Findings that are being made near existing infrastructure will not have as high production costs as finds in places far from existing platforms and/or other infrastructure. This way, Equinor saves both time and expensive investments.
Will determine development plans
The Exploration Manager states that the Cape Vulture discovery is another example of the said exploration strategy.
We want to think freshly and take chances on new and untested theories on how to uncover the remaining commercial resources on the Norwegian Continental Shelf (NCS). This is in line with Equinor’s recently updated roadmap for the Norwegian Continental Shelf, where the goal is to secure activity for decades to come, Ashton explains in the press release.
Equinor and the other partners in the prospect – Eni and Petoro – consider the Cape Vulture discovery as delimited. There is just a decision on development remaining.
© Sysla / #Norway Today