Bloomberg News

Det Norske Oljeselskap Drills Dry Well at North Sea Prospect

May 02, 2012

Det Norske Oljeselskap ASA (DETNOR), the oil company partly owned by Norwegian billionaire Kjell Inge Roekke, drilled a dry well at its Storebjoern prospect in the North Sea.

“The reservoir sections were water bearing, and the well will be plugged and abandoned,” the Trondheim, Norway-based company said today in a statement.

It was the second dry well in the North Sea this year for the company, which in 2011 was one of three partners in what’s called the Johan Sverdrup deposit, the largest find offshore Norway since 1974. That discovery may hold 3.3 billion barrels of oil equivalent. Det Norske said in its fourth-quarter report it plans to participate in 10 to 13 exploration wells in 2012.

Drilling took more time than expected because high-pressure zones were encountered in the well, the company said. Det Norske owns a 60 percent stake in the well, while Dana Petroleum Plc has a 25 percent stake and North Energy ASA (NORTH) 15 percent.

Det Norske’s share fell 2.1 percent to 80.5 kroner as of 11:25 a.m. in Oslo. The benchmark OBX index gained 0.5 percent.

To contact the reporter on this story: Mikael Holter in Oslo at mholter2@bloomberg.net

To contact the editor responsible for this story: Christian Wienberg at cwienberg@bloomberg.net


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