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Page added on March 23, 2012
Statoil big Arctic oil find could be bigger-report
A major oil find in the Arctic made by Statoil could contain an extra 350 million barrels of oil reserves, Norwegian daily Dagens Naeringsliv reported on Friday.
The Skrugard oil find – so far estimated to contain between 200 and 300 million barrels, with a potential to hold up to 500 million barrels – boosted the interest of oil firms in the Norwegian Arctic when it was discovered last year.
New figures presented by Statoil at a recent meeting suggested Skrugard may potentially hold an extra 350 million barrels, individuals present at the meeting told the financial daily.
“What was presented by Statoil were the possibilities for up to 350 million barrels extra in the license (and) production of first oil in 2018,” Kjell Giaever, a project leader with oil organisation Petro Arctic who was present at the meeting was quoted as saying by the paper.
The paper said it had spoken with other individuals present at the meeting who confirmed the figures claimed.
Statoil declined to tell Dagens Naeringsliv whether the figures were correct.
8 Comments on "Statoil big Arctic oil find could be bigger-report"
Sven on Fri, 23rd Mar 2012 2:03 pm
An extra 4 days world supply, WOW!!!!!!!!!!!
Arthur on Fri, 23rd Mar 2012 2:08 pm
The world has postponed doom for an extra 4 days! Open the champagne bottles!
Norm on Fri, 23rd Mar 2012 2:13 pm
Yah, that dont sound like very much oil. If you drain out the oil pans of all the old cars in junkyards, you probably would have more.
DC on Fri, 23rd Mar 2012 5:02 pm
Wow first oil in 2018(projected), better part of a decade after discovery. How long will take to extract that what, 3 or 4 days of world consmuption? 5 years? 10 years?. And being its in the arctic, how many millions of barrels out of that 500mil(estimated) will it take to suck it out, and get it where its actually needed, sorry wanted? If we allow a probably optimistic 10:1 EROEI there, 50 million to net 450. In truth, it could well be less, since 500mill is the upper end and 10:1, it might not be that good either. None of us would jump on reuters crappy context-free blip-verts like this if all they would mention was this find is neither very large vs world consumption, is in a remote, sensitive area, will prob prob soso quallity oil at best, and will be very expensive and time consumeing to get to market.
All they have to say right?
kervennic on Fri, 23rd Mar 2012 5:33 pm
On the long term and even today fishing is an important part of norwegian economy.
There will be clashes between a renewable activity that will generate income for centuries for million of people and a bunch of greedy idiots that unfortunately have a mouth big enough to terrorize a lot of their fellow coutrymen.
Rick on Fri, 23rd Mar 2012 7:55 pm
These claims always sound like a lot, until you realize just how much oil the world uses in a day. In other words, more oil company propaganda!
Grover Lembeck on Fri, 23rd Mar 2012 11:26 pm
Yeah, but just think what an announcement like this can do for a stock price.
8 years to attract investors, IF everything goes to plan? That’s a lot of time to get the ducats and plan a retirement.
BillT on Sat, 24th Mar 2012 1:52 am
They better hope for global warming to keep the Arctic oceans open. What if the ones who claim that sun cycles are to blame for our temperatures and, as they claim, we are headed for colder than normal temperatures. What happens to that business plan when the ice is not 2 feet thick but 10 or 20? I wouldn’t bet on ANY oil or natural gas coming out of the Arctic in the future, either way.