StatoilHydro Discovers Oil and Gas in Arctics

StatoilHydro has struck oil and gas at a new site in the arctic Barents Sea north of Norway, a burgeoning hydrocarbon play.

Transocean’s Polar Pioneer semi-submersible drill rig bored into the Obesum prospect in Block 7222/6, some 174 kilometres northwest of Hammerfest, the northernmost town in Norway, and proved hydrocarbons in deep, mid-Triassic era sandstone.

Well 7222/6-1S went down to 2,825 metres and was not tested, but samples were taken, a nearby well is planned later in 2008, it was learned Friday. It was the first exploration well in production Licence 228.

StatoilHydro is loan license-holder on the block owing to the merger with former co-owner, Hydro.