Statoil, Total Make North Sea Gas Discovery, Confirm King Lear Volumes

Operator Statoil and its PL146/PL333 partner Total E&P Norge announced on Thursday they have made a gas and condensate discovery in the Julius prospect in the King Lear area in Norway’s North Sea, confirming that the King Lear volumes will stay within the previously communicated range of 70-200 million barrels of recoverable oil equivalent. 

‘The discovery well 2/4-23S, drilled by Maersk Gallant, proved gas and condensate in the Ula formation. Statoil estimates the volumes in Julius to be between 15 and 75 million barrels of recoverable oil equivalent’ reads a note released on Thursday.  

The well 2/4-23S aimed also to appraise the King Lear gas and condensate discovery made by the PL146/PL333 partnership in 2012.

“The King Lear and Julius discoveries are located in one of the most mature parts of the Norwegian continental shelf - just 20 kilometres north of Ekofisk, the first commercial NCS discovery made 45 years ago. The discoveries confirm Statoil’s view that even such mature areas of the NCS still have an interesting exploration potential,” May-Liss Hauknes, Statoil vice president for exploration in the North Sea, commented.