It seems every day a big oil innovation or discovery is being made! Bloomberg News Reports that “Norway may see a series of Arctic oil finds after well-produced crude from a previously unproductive layer of rock, explorer Lundin Petroleum AB (LUPE) said. The Gohta discovery in the Barents Sea announced by Lundin last month was Norway’s first in Permian rocks, formed more than 250 million years ago, the company’s Norway head Torstein Sanness said in an interview. Holding as much as 145 million barrels of oil, Gohta opens as many as 10 possible drilling targets in the surrounding area, he said.
“We’re hoping for a string of pearls,” said Sanness, whose company made Norway’s biggest oil find in decades in 2010. “We plan to build resources aggressively over the next years, so there’s little doubt we’ll reach the commercial threshold” for developing Gohta.
After a decade of falling oil production, drilling in the Barents Sea is helping to revive interest in Norwegian exploration. Austria’s OMV AG also announced a discovery last month in the area, north of Norway’s traditional oil-producing region in the North Sea. Statoil made the first commercial oil discoveries in more than a decade in 2011 and 2012 and further successes will make developing oil infrastructure in the remote Arctic region viable.
Norway’s Barents Sea is thought to hold as much as 7.9 billion barrels of oil equivalent in undiscovered resources, an estimate that will now be raised, Inger-Helene Madland, a geologist at the Norwegian Petroleum Directorate said in an Oct. 2 interview. It’s not certain the implications of Lundin’s find will be reflected in an update next year, she said, declining to estimate how big the upgrade could be. A joint development of Gohta and Castberg could boost the commercial viability of both projects, Sanness said.