Well 7234/6-1 was spudded a few days ago in PL858, operated by Aker BP at 40% interest and partnered by Equinor (20%), Lukoil Overseas (20%) and Petoro (20%). According to Westwood Global Energy, it is the last of the committed megastructure tests in the Barents Sea.
The Stagnestind prospect is located on the Fedynsky High, of which only the western margin is situated in Norwegian waters (see map above). With the major part of the high in Russian territory, it is therefore first and foremost a well that will be closely watched by the neighbours in the east and it should not be a surprise that Lukoil Overseas is also a partner in the well.
The area where the well has now been spudded featured in a 40-year border dispute between the Russians and Norwegians. Finally resolved in 2010, an area about the size of the Norwegian North Sea was split in half, with the biggest part of the Fedynsky High going to Russia.
According to the Environment Agency, the target of the well are Permo-Carboniferous limestones of the Gipsdalen Group, which are expected to be found at a depth of around 3,880 m. Previous wells drilled in the Barents Sea targeting similar stratigraphic intervals have mostly turned out dry.
The nearest well to 7234/6-1 was drilled in 2019 by Equinor around 120 km further to the southwest. Although the target of this hole (7132/2-2) was the Triassic, the well was deepened to evaluate the source rock potential and reservoir rocks of the Upper Permian Ørret and Røye formations. The NPD press release does not mention that source rock were found, but reservoir rocks were reported absent.
According to Aker BP, the Stagnestind prospect pre-drill expected volume is between 13 and 108 MMboe (as presented during Aker BP’s Capital Market 2021 presentation), which is small given the remote location of the drill site. However, if hydrocarbons are found, the potential for the Russian sector is much more significant, with Rosneft/ENI having stated that there is potential to unlock up 18700 MMboe. The Permian closure contour as indicated in the map above (red contour) is an indication of the size of the structure, which can surely be called a mega-structure.
HENK KOMBRINK
