The exploration well 7324/8-1 in the area Wisting Central has yielded the results Statoil and 3 other involved companies were aiming at. The oil platform Leiv Eiriksson drilled in depths of 373 meters and finally reached upper Triassic strata 542 meters below the sea bottom. Lower and middle Jurassic layers turned out to contain a 50-60 meters thick sequence containing an estimated 10-26 standard cubic meters oil that are believed to be exploitable.
The well will be closed permanently as soon as work has finished. The platform Leiv Eiriksson will then move on to further exploration work further north. The industry has great expectations especially for the Hoop area, that is reaching beyond 74°N and thus into the Spitsbergen treaty area. Exploitation in this area would not only be ecologically risky, but might also be tricky on a political level.
The discovery was the first in the area. Well 7324/8-1 is ca. 310 km north of Hammerfest, less than 200 km southeast of Bear Island (Bjørnøya). The surrounding Barents Sea is biologically very productive and an important area for fish, whales, dolphins and hundreds of thousands of seabirds that breed on Bear Island and the coast of north Norway.