Project Profile
Value: US$5 - 14 billion (estimate)
Location: In the Barents Sea off Norway
Reserves: 2.2 billion boe (estimate)
Depth: 50 metres
Exploration start-up: 2017
The Korpfjell Prospect is hosted by Norwegian Production Licence 859 and it is located in the Barents Sea, off Norway. The project has created excitement from analysts as it has been estimated to hold 2.2 billion barrels of oil equivalent (boe) and up to a staggering 10 billion boe in potential resources. Statoil intends to drill the first wildcat well in 2017, in the south-east Barents near the maritime border with Russia as part of a planned campaign of five to seven wells in the frontier Arctic play.
The prospect has structural closures that are three to four times the size of the Johan Sverdrup field presently under development by Statoil in the North Sea, which has a resource estimate of 1.7 billion to 3 billion boe. While Korpfjell was previously expected to contain only gas, fresh 3-D seismic shot over the structure has shown indications of liquid hydrocarbons. The formation is believed to be an old river delta, with sands 50 metres in depth, which was subsequently filled with oil and gas following several geological events.
Operators:
Statoil: Operator with 30% interest
Chevron: 20% interest
Petoro: 20% interest
ConocoPhillips: 15% interest
Lundin Norway: 15% interest