STATOIL, together with its project partners, has made an oil and gas discovery in the Valemon Nord prospect in the North Sea.

The discovery wells 34/10-54 S and 34/10-54 A are located about 10 kilometres north of the planned Valemon installation.

Testing of the main wellbore 34/10-54 S proved a gross 164-metre gas condensate and oil column in the Middle Jurassic brent group.

The side-track 34/10-54 A proved a gross 100-metre gas/condensate column in the Brent Group and in sand of unspecified Jurassic age, and an additional gross 140-metre gas/condensate column in the Statfjord Group.

Statoil, which is operator of the wells, estimates the total volumes in Valemon North to be in the range of 20-75 million barrels of recoverable oil equivalent

Statoil senior vice president exploration in Norway Irene Rummelhoff said the company was very satisfied making a discovery the close proximity of the Valemon gas and condensate field currently under development.

“By proving additional volumes in the area we increase the reserves base in the Valemon Unit area and add value to the Valemon field development,” she said.

The Valemon field, discovered in 1985, is one of Statoil’s largest ongoing development projects on the Norwegian continental shelf. The recoverable reserves are estimated at 206 million barrels of oil equivalent.

The development concept is a fixed platform, with rich gas export to Heimdal and condensate export to Kvitebjorn. Production start-up is expected fourth quarter 2014.

Tor Madsen, vice president for field development in the Western North Sea, said the partners would now initiate feasibility studies to identify the best development solution for the discovery.

Partners in the exploration wells include Petoro AS (30%), Centrica Resources (13%) and A/S Norske Shell (3.225%).