More Oil Discovered in Varg

This article originates from the news archive of Det norske.

26. June 2008

Talisman Energy Norge has found between 0.6 million and 1.6 million barrels of recoverable oil in the Lilleulv prospect in Production License 038. Det norske has a five percent interest in this license.

“Additional reserves in Varg are important in order to extend the life of the field. This is only the last in a line of discoveries resulting from an aggressive depletion strategy from field partners,” states CEO of Det norske, Erik Haugane.

The license partners have already decided to produce the new discovery via existing installations on the Varg Field, following a fast-track approval from Norwegian authorities.

The well was not formation-tested, but extensive data collection and sampling were carried out. The water depth at the site was 84 m, and the well was drilled as a sidetrack from an existing Varg well.

This well was the ninth exploration well in Production License 038, which was awarded as a supplement to the 3rd Licensing Round in 1975.

Well 15/12-20 S was drilled by the jack-up rig Mærsk Giant, which will now drill a new production well on the Varg Field.

Partners in Production License 038 are operator Talisman Norge AS (65%), Petoro (30%), and Det norske (5%).

Read more about Varg here.

About Det norske:
Det norske is the second-largest operating company on the Norwegian Continental Shelf with 23 operatorships and interests in a total of 45 licenses. In 2007, the company drilled five exploration wells. Det norske`s scope of activities is limited to the Norwegian Continental Shelf (NCS).

Det norske currently employs a staff of more than 100, and the strong growth rate is expected to continue in 2008. The company`s registered office is located in Trondheim. Headquarter functions are divided between Oslo and Trondheim. The company also has offices in Harstad and Stavanger.

Det norske oljeselskap (`DETNOR`) emerged as a result of the combination between Pertra and DNO`s Norwegian operations. At the end of January 2008, the market capitalization of the company amounted to NOK 3.5 billion.