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The Barents Sea: new licensing round, Statoil’s drilling permit and Eni’s oil discovery

At the beginning of the year, the Norwegian Petroleum Directorate has declared that 2017 could set a new record for exploratory drilling in the Barents Sea. This week, the Norwegian Ministry of Petroleum and Energy has opened the 24th licensing round offering 93 blocks in the Barents Sea, Statoil was licensed to drill its third well in the area and Eni made a new discovery in the region.

The Norwegian Ministry of Petroleum and Energy opened the 24th licensing round, offering a total of 102 blocks, 93 blocks in the Barents Sea and 9 in the Norwegian sea. 

Terje Søviknes, Norwegian Minister of Petroleum and Energy, aims to award production licenses during the first half of 2018.

Norwegian Petroleum Dictorate.jpg

Image source: Norwegian Petroleum Directorate
 

In addition to the new licenses, the Norwegian Petroleum Directorate (NPD) has granted Statoil a drilling permit for wellbore 7325/4.1, company’s third well in the Barents Sea.

The well is located in the Hoop area, approximately 275 kilometers from Nordkapp and 200 kilometers from Bjørnøya. 
 
Statoil declared that all of the necessary permits were in place and that the work could start as early as July 10. Drilling is expected to last for 30 days.

Proving that the Barents Sea is still a prosperous zone, Italian energy company Eni has recently made a new discovery in the PL532 license, approximately 22 kilometers southwest of the Jogan Casteberg field.

Preliminary estimates of the size of the discovery are between 100 and 180 million barrels of oil in place (25 – 50 million barrels of oil recoverable), with further potential to be evaluated. 

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