Total has agreed a rig contract for the West Phoenix semisubmersible to drill the first exploration well on Production License 535 in the Barents Sea, reports project partner Rocksource. The sanctioned well is estimated to spud in May 2011.
Rocksource independently estimates the primary target at the "Norvarg" prospect to contain mean recoverable resources amounting to 270 million barrels of oil equivalents. Rocksource estimates the chance of success to be approximately 50 per cent. Both risk and volumetric estimates have been high-graded based upon additional information provided by the integrated EM data evaluation.
Chief Operating Officer, Gregor Maxwell commented: "This is yet another milestone in firming up a high potential drill queue. We now have four firm wells in our 2011 program and we are working to firm up additional wells. The current four firm wells will expose us towards 150 million barrels of net risked resources."
The PL 535 license is located on the Norvarg Dome in the central part of the Bjarmeland Platform in the Barents Sea, west of the Ververis discovery and northeast of the Arenaria discovery. Prior to application Rocksource acquired CSEM data in order to test the main prospect within the license. After processing of the data Rocksource has concluded that resistivity anomalies exist at depths corresponding with multiple target intervals, and that these resistivity anomalies are likely to be caused by hydrocarbons.
The PL 535 partnership consists of Total E&P Norge AS (Operator, 40 percent), Det Norske Oljeselskap ASA (20 percent), North Energy ASA (20 percent) and Rocksource ASA (20 percent).