Statoil strikes more oil in North Sea

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Norwegian oil company Statoil announced another significant offshore oil discovery on Tuesday, this time in the North Sea around 185 kilometers west of the west coast city of Haugesund. Exploration results estimate as much as 33 million barrels of recoverable oil.

Statoil's new oil discovery is located just north of the Grane Field pictured here. PHOTO: Statoil/Øyvind Hagen

Statoil’s new oil discovery is located just north of the Grane Field pictured here. PHOTO: Statoil/Øyvind Hagen

The discovery was made just north of the Grane Field that Statoil took over from Norsk Hydro when Hydro sold off its oil assets several years ago. Statoil and its partners in the field (Petoro, Exxon Mobil and ConocoPhillips) were said to be “pleased with having proven new very high value resources in the Grane area.”

The location of the discovery drilled by the rig Songa Trym makes it possible to develop the site effectively and at much lower cost than in more remote areas with deeper and colder waters, according to Statoil. Exploration near existing oil fields has become an important element in Statoil’s exploration strategy, noted Tore Lørseth, vice president for exploration in the North Sea.

He said around 40 percent of Statoil’s exploration wells on the Norwegian continental shelf will be “near-field exploration,” including that around the Oseberg, Fram/Gjøa and Tampen areas.

newsinenglish.no staff