The well is the first exploration well drilled in the Norwegian section of a formerly disputed area between Norway and Russia.
Statoil said that the drilling was carried out with an aim to prove whether there was any oil in the large geological structure on Korpfjell.
The drilling resulted in gas of small volumes and it is estimated to hold between 40-75 million barrels of oil equivalents or 6-12 billion standard cubic meters of gas.
However, the company stated that this volume is not large enough to start full-fledged commercial operations. Statoil and its licensed partners will now begin the analysis the data acquired from the well.
Korpfjell is the fourth well in Statoil’s exploration campaign in the Barents Sea for this year.
In 2018, the company plans to have both operated wells and participation in partner-operated wells in the southeast area of Barents Sea.
Statoil Norway and the UK exploration head Jez Averty said: “Korpfjell is a structure of a size seldom seen on the Norwegian Continental Shelf and has attracted much interest, and the results of the first well in this frontier area of the Barents Sea have triggered broad and strong expectations. For this reason, it has been important to us to complete this drilling.”
Averty concluded saying: “Despite an exciting discovery in Kayak and traces of oil in Gemini North, we have so far not had a direct hit that may result in a new standalone field development.
“The campaign has however provided important clarifications and new information about the resource potential in the Barents Sea."
Image: Statoil drills a new and small well in Korpfjell, in southeast of Barents Sea. Photo: Courtesy of Statoil ASA.
