Statoil says it is about to start its exploration program in the Barents Sea testing five to seven new opportunities over the next six months.
The program will test new targets, both in the relatively well known geology around in the Johan Castberg and Hoop/Wisting area, as well as some new frontier opportunities with greater geological uncertainty but also high impact potential.
The start of the program comes as the firm announced it has already made seven discoveries from nine exploration wells during Q1 this year. Announcing its Q1 results this morning, Statoil said many of the seven discoveries can be quickly put into profitable production, Statoil said.
In Q1, Statoil also received approval for three plans for development and operation - Trestakk, Utgard and Bryding - and submitted an additional two projects for approval by Norwegian authorities - Njord and Bauge.
Statoil says it intends to continue to mature its large portfolio of exploration assets and estimates a total exploration activity level of around US$ 1.5 billion for 2017.
Statoil expects to achieve an additional $1 billion in efficiency improvements in 2017, with the total reaching $4.2 billion.
Of the Barents campaign, exec VP exploration in Statoil, Tim Dodson, has said: "We are looking forward to test new targets, both in the relatively well known geology around in the Johan Castberg and Hoop/Wisting area, as well as some new frontier opportunities with greater geological uncertainty but also high impact potential. This campaign can provide us with crucial information about the long term future of the Norwegian shelf.”