Norwegian oil and gas company Statoil today said there is upside potential in the Avaldsnes discovery in the Norwegian North Sea, confirming an announcement from Lundin Norway AS, the operator of Avaldsnes.
Lundin’s updated resource estimate for the Avaldsnes discovery is in a range between 0.8 billion and 1.8 billion barrels of recoverable oil, compared with a previous estimate of a range between 0.1 billion and 0.4 billion barrels of recoverable oil.
Earlier this year, the companies said the Avaldsnes find, in production license 501, is connected to Aldous Major South, in production license 265. The combined find is one of the largest ever on the Norwegian continental shelf.
Statoil today said it will continue to collect and analyze data from the Aldous/Avaldsnes area before concluding on updated estimates.
Statoil and Lundin Norway AS each have a 40% interest in Avaldsnes, while Maersk owns 20%.
For Aldous Major South, Statoil is the operator and has a 40% interest. Norwegian state-owned Petoro owns 30% of the field while Det norske oljeselskap owns 20% and Lundin 10%.
