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Norway's Statoil reports "substantial" find in Barents Sea
Jan 9, 2012, 8:25 GMT
Oslo - Norwegian energy firm Statoil reported a 'substantial oil discovery' in the Barents Sea on Monday, located close to a major find reported in April.
The find, some 200 kilometres off northern Norway, was made by the state-owned group and its partners, Eni Norway and Petoro.
The combined volumes in the new Havis find and the earlier Skrugard find were estimated to be about 400-600 million recoverable barrels of oil equivalent (boe), the group said.
The two finds would 'open up a new petroleum province' off northern Norway, Statoil chief executive Helge Lund said in a statement.
Lund said Statoil believed the new find would 'further boost activity in the supplier industry, providing new jobs and generating spin-off effects throughout the region.'
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