Statoil Announces ‘considerable’ Oil Find

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STAVANGER, Norway, Aug. 8 (UPI) — Norwegian energy company Statoil and its national partners announced Monday they’ve made a “considerable” oil discovery in the North Sea.

Statoil said preliminary estimates of the volume at a well in its Aldous Major field indicate there are at least 200 million barrels of oil equivalent in place.

Statoil said it had considered its well 16/2-8 in the area to be a “high-impact” well. The results of drilling operations at the site confirm Statoil’s belief in the potential for hydrocarbons on the Norwegian continental shelf, the company added.

“Aldous Major South is a considerable oil discovery in one of Statoil’s core areas,” said Gro Haatvedt, one of Statoil’s senior vice presidents for exploration on the Norwegian continental shelf, in a statement.

Statoil said it expects similar findings in nearby license areas.

Statoil serves as the operator with a 40 percent stake in the field.

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