Statoil Talks Verbier off UK
Monday 14 November 2016
Statoil has committed to drill an exploration well at the Verbier prospect off the UK next year, according to a partner.
The wildcat is lined up for drilling in Statoil-operated seaward licence P2170 in the North Sea in the summer of 2017, London-listed partner Jersey Oil & Gas said in a statement, while not specifying which rig would be used for the work.
“We believe the planned well could be one of the most exciting exploration prospects to be drilled in the UK continental shelf in recent years," Jersey chief executive Andrew Benitz said, adding it was “highly material and prospective”.
Statoil had a 30 November deadline for a drill-or-drop decision but no extension will be required after the Norwegian state-controlled operator committed to the well with the UK Oil & Gas Authority, according to Jersey, which holds an 18% stake in the licence.
The licence, which includes blocks 20/5b and 21/1d, has two medium-risk independent oil prospects identified with unaudited estimated mean in-place volumes of 300 million and 212 million barrels, respectively.
Statoil farmed into the licence to gain an operating stake of 70% under a recent deal with Jersey and co-venturer Cieco Exploration & Production, with the latter now holding the remaining 12%.