StatoilHydro said that the option to use the jack-up drilling rig West Epsilon allows it to drill five or six new wells at Sleipner West in the period leading up to 2010.
The company said that the option has a value of NOK620 million, and the total value of the contract with drilling equipment provider Seadrill for the rig’s use at Sleipner West, since summer 2007, amounts to NOK1.18 billion.
StatoilHydro stated that seismic for the field will be acquired in 2008 and that it will utilize advanced seismic to reduce risk and become more effective in its drilling operations. The drilling campaign will reportedly ensure that production at Sleipner West continues beyond 2020.
The Sleipner West field produces 22.6 million cubic meters of gas and 7,300 cubic meters of condensate. StatoilHydro has a 58.35% stake in the license.
