Statoil sanctions Stampede development
Statoil has decided to invest USD1.5 billion in the Stampede development in the U.S. Gulf of Mexico, which is expected to begin production in 2018. Statoil owns 25% of Stampede, which is operated by Hess. Total project costs are expected to be approximately USD6 billion. Stampede, a new project named from unitizing the former discoveries of Knotty Head and Pony, is located approximately 350 kilometers (215 miles) from New Orleans, Louisiana at a water depth of more than 1,000 meters (3,500 feet). The reservoir depth is 9,100 meters (30,000 feet). Stampede consists of Green Canyon Blocks 468, 511 and 512. The reservoir contains approximately 350 million barrels of recoverable oil. Stampede’s development plan calls for six subsea production wells and four water injection wells from two subsea drill centers tied back to a tension leg platform. Gross topsides processing capacity for the project is approximately 80,000 barrels of oil per day and 100,000 barrels of water injection capacity per day. Drilling is expected to begin in Q4 2015 and will be performed by two newbuild drillships; the Ocean BlackLion and Ocean BlackRhino.