First Idemitsu Barents Sea well is an oil discovery

9. september 2013

IPN is pleased to announce that our first well in the Barents Sea has been crowned with success.

Well 7324/8-1 in PL 537, drilled by the drilling rig Leiv Eriksson, has penetrated an oil column of about 50-60 metres. The estimated recoverable volumes in Wisting Central are in the range of 65-165 million barrels of oil. Following completion of operations, the partnership will drill a second well (7324/7-1 S, Wisting Alternative), also in PL 537.
PL 537 was awarded to Idemitsu and fellow licensees in 2009 as part of the 20th Licensing Round, where Idemitsu applied for the area later known as Wisting.
“Idemitsu is delighted to see that our careful and targeted Barents Sea exploration strategy is paying off”, says Idemitsu Petroleum Norge Managing Director Teruyuki Takahashi. “Entering the Barents Sea in 2009 through the 20th Licensing Round after evaluating the province for several years, we have continued building our Barents Sea license portfolio through the 21st and 22nd Licensing Rounds. As one of the first couple of companies also licensing the NPD 2D seismic data set from the Southeast Barents Sea during the summer of 2013, Idemitsu remains committed, hopeful and faithful to the exploration on the Norwegian Continental shelf in general, and to the Barents Sea in particular.”
OMV (Norge) AS is the operator in PL 537 with a 25 % license interest, and Idemitsu Petroleum Norge AS is a partner with a 20 % interest. Other partners in the license are Tullow Oil Norge AS (20 %), Petoro AS (20 %), and Statoil Petroleum AS (15 %).
The NPD press release may be found here