Chevron abandons frontier Shetland area well

Offshore staff

ABERDEEN, UK – Chevron's Lagavulin exploration well in the UK Atlantic margin has reached target depth, according to partner Faroe Petroleum.

The 217/15-1z well, spudded in October 2010 by the drillship Stena Carron and drilled in 1,567 m (5,141 ft) water depth west of Shetland, reached total depth on June 10.

It encountered hydrocarbons and a working petroleum system, but no workable reservoir was present at and the well will be P&A’d.

Faroe says drilling progress was slower than expected, mainly due to operational and technical issues, notably poor weather and the variable drilling formation. These delays pushed up the well cost. However, Faroe maintains the results will further its understanding of the geology and its ability to unlock the basalt play in the Atlantic margin.

Graham Stewart, CEO of Faroe Petroleum, commented: “Lagavulin was a true high- risk frontier exploration well, offering material upside in a success case. Whilst the outcome of the well is a disappointment, the presence of hydrocarbons has however now been proven and offers encouragement to continue our deep water exploration plans in the region.

“From an operational standpoint, Lagavulin was a deep and complex well, with no neighboring drilling history, and it was drilled safely by the partnership led by Chevron. A great deal has been learned from this well, which will serve to significantly reduce the cost of any future wells in the region.”

The company soon will participate in two more exploration wells in the area. The shallow water Fulla well (Faroe operator with 50%), close to BP’s producing Clair oil field, should spud later this month. Work on the deepwater North Uist well should get under way early next year.

Faroe will also have involvement in three wells offshore Norway – Butch and T-Rex in August and Kalvklumpen in October. T-Rex will be Faroe's third well on mid-Norway’s Halten Terrace, close to last year’s Maria and Fogelberg discoveries.


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