Norway's Statoil reports "important" find in Barents Sea

Apr 1, 2011, 13:09 GMT

Oslo - Norwegian energy firm Statoil Friday reported a 'significant oil discovery' in the Barents Sea, describing it as one of the 'most important finds on the Norwegian continental shelf in the last decade.'

The find, some 200 kilometres off northern Norway, was made by the state-owned group and its partners, Eni Norway and Petoro.

Statoil said the discovery was estimated to be about 150-250 million recoverable barrels of oil equivalent (boe), but could potentially be twice that amount. Normally it takes between five and 10 years to start production after a find.

'This opens a new oil province that can provide additional resource growth,' said Tim Dodson, executive vice president for Exploration in Statoil.

The Skrugard prospect, where the find was made, is some 100 kilometres north of the Snohvit gas field in the Barents Sea.

The Skrugard prospect was Statoil's first priority in the 20th licensing round on the Norwegian continental shelf that was awarded in April 2009.

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