Norway: Statoil Spuds Lupin

Noreco has announced today that partner Statoil has kicked off drilling at the Lupin field in the Norwegian North Sea.

Noreco, which holds a 15 per cent stake in the Lupin licence (licence PL360) says the 16/8-3 Sexploration well will be drilled using the drilling rig Songa Trym. The well will take 72 days to complete, according to a plan approved by the Petroleum Safety Authority of Norway earlier this month.

The Lupin prospect, described by Statoil as one of its three "one to watch" prospects in a presentation last year, could have reserves of between 102 – 760 million barrels of oil equivalent. Describing the field on its website, Noreco says the large fault-bound structure has a 10 per cent chance of success, calling the reservoir "high risk" while the trap was identified as low risk. The targeted reservoir is located in the Rotliegendes sands.

Statoil is the operator of the Lupin licence with a 50 per cent stake. Fellow Norwegian explorer Noreco holds a 15 per cent stake in the project as does Wintershall Holding. Dong E&P holds the remaining 20 per cent stake.