StatoilHydro strikes oil, gas in North Sea
March 10, 2009
The Associated Press reported that StatoilHydro ASA announced an oil and natural gas discovery at an exploration well drilled in the North Sea near the existing Oseberg South field. The Stavanger-based company said the find is believed to have recoverable reserves of 50-80 million barrels of oil equivalents, which measure energy content rather than volume of oil and gas. The Norwegian government has been urging oil companies to look for new finds near existing production facilities because they can be brought on line relatively quickly to offset gradually declining production. The find in an area called Katla was roughly 80 miles northwest of the port of Bergen on Norway''s western coast, and about seven miles southwest of the company''s Oseberg South platform. StatoilHydro has 49.3 percent of the Katla license and handles operations on behalf of its project partners, Norway''s state company Petoro AS with 33.6 percent, Total E&P Norge AS with 10 percent, ExxonMobil Exploration & Production Norway AS with 4.7 percent and ConocoPhillips Skandinavia AS with 2.4 percent.