Statoil has discovered additional gas on the western side of the Valemon field in the Norwegian North Sea with an estimated reserve of 20-50 million barrels of oil equivalent (MMboe).

The discovery on the field called Valemon West from the Norwegian oil and gas giant comes two years after putting Valemon on stream. It is also the company’s second gas discovery in the year.

Valemon is a gas and condensate field containing 192 MMboe. It is located between Kvitebjørn and Gullfaks South in the North Sea and about 160kms west of Bergen.

Statoil operations west cluster senior vice president Gunnar Nakken said: “This is an important discovery for the further development of Valemon.

"These new reserves can be put on stream immediately and will add considerable value. The discovery proves that there are still good opportunities in the North Sea, an area we know well, and its infrastructure is extensive.”

Statoil’s operations west cluster covers its Bergen-operated fields.

Statoil’s head of exploration in Norway and the UK Jez Averty said: "Discoveries like this one and Cape Vulture are valuable contributions to existing fields.”

Valemon West is the seventh exploration well being drilled by Statoil in production licence 193 D, Valemon Unit.

The Norwegian company had drilled it by the jackup rig West Elara from Valemon to a vertical depth of 4,337mts below sea level. The exploration well is presently being completed and placed on stream from the Valemon platform.

While Statoil Petroleum is the operator of Valemon with a majority stake of 53.775%, Petoro is the biggest minority stake holder with 30%. Other stakeholders in the Valemon gas and condensate field are Centrica Resources (Norge) (13%) and A/S Norske Shell (3.225%).

Image: The Valemon platform in the North Sea. Photo: courtesy of Harald Pettersen/ Statoil ASA.