The Statoil Faroe manager, Mr Rúni M. Hansen has confirmed to oljan.fo, that the Cosl Pioneer drilling platform will arrive at the “Brugdan 2” prospect by mid-June.The drilling operation period is expected to last for approximately four to five months, according to the website Oljan.fo.
This will also be the deepest exploration well ever drilled in the Faroes. Observers say it is expected to reach an approximate depth of 4500 to 5000 metres. By drilling to such a depth, Statoil wishes to ensure the drill will penetrate the basalt and other layering in the subsoil, which could contain hydrocarbons.
When the last drilling operation took place in 2006, the drill penetrated to a depth of 4225 metres and got stuck. Some quantities of gas were encountered and it is estimated more gas may lie deeper in the subsoil.
ExxonMobil and Atlantic Petroleum
According til Oljan.fo the well will cost in approximately one billion Danish kroner (USD 166 million).
The other partners in this exploration drilling project are ExxonMobil and the small Faroe oil company Atlantic Petroleum.
Statoil holds a 50% stake, ExxonMobil 49% stake and Atlantic Petroleum a 1% stake.