Statoil is a partner in the OMV-operated Wisting Central oil discovery in the Hoop area. This represents a new oil play in the Norwegian Barents Sea.

"Statoil is very pleased with the discovery in the Wisting Central well. This is the first well drilled in the frontier Hoop area. It gives us valuable geological information and demonstrates that the Hoop area has an exciting oil potential," says Gro Haatvedt, Statoil senior vice president for exploration Norway.

Statoil plans to drill two operated wells in the same area in 2014—the Atlantis and Apollo prospects in PL615 situated approximately 50 kilometres north of PL537.

"The oil discovery in Wisting Central is encouraging for our upcoming drilling operations in the Hoop area. In the Apollo prospect we will actually target the same geological formation as in the Wisting Central well," says Haatvedt.

Well 7324/8-1 in PL537, 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. After completion of operations, the partnership will drill a second well (7324/7-1 Wisting Alternative) in the same licence.

The Wisting Central play-opener demonstrates that Statoil's long-term approach in the Barents Sea continues to pay off. As late as 2011 Statoil proved a new oil play with the Skrugard and Havis (now Johan Castberg) discoveries. Statoil, as operator of PL608, is currently drilling the Iskrystall prospect. This licence is also located in the Johan Castberg area.

Exploration well 7324/8-1 is situated in PL537. OMV Norge AS is the operator and holds 25%. Statoil is a partner with a 15% interest. Other partners in the license are Petoro AS (20%), Idemitsu Petroleum Norge AS (20%) and Tullow Oil Norge AS (20%). Statoil farmed in to PL537 in 2010.

About Statoil
Statoil is an international energy company with operations in 35 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. We are headquartered in Stavanger, Norway with approx. 23,000 employees worldwide, and are listed on the New York and Oslo stock exchanges.