Statoil drills its fifth well in Australian Northern Territory

Operating oil and gas well profiled on sunset sky
Source: DollarPhotoClub

The Norwegian company Statoil has started drilling its fifth well in search of shale gas in Australia – RigZone reported today. After the well is completed the company will decide on whether to execute of hydraulic fracturing.

The OzEpsilon-1 well is a vertical exploration well located in Exploration Permit 128 in Georgina Basin in Australia’s Northern Territory. It is the fifth and last vertical well made ​​by the company in search of shale gas this year. Statoil, together with PetroFrontier will examine all five wells in order to select three for further testing and well stimulation. So far, thirty two meters of core were recovered in a continuous coring process, which penetrated the Lower Arthur Creek and Thorntonia formations, but only after production testing the company will be able to find out whether gas production from these wells is economically viable.

According to the U.S. Energy Information Administration Australia has 12 trillion cubic meters of shale gas reserves.

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