Statoil Strikes Oil Again in the Norwegian North Sea

By Features FOXBusiness

Statoil (STO) has discovered oil and condensate in its Krafla West prospect near the big Oseberg South field in the Norwegian North Sea.

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Estimated recoverable reserves at the discovery are between 12.6 million to 37.7 million barrels of oil equivalent, according to the Norwegian energy company. The announcement on Tuesday follows the discovery of additional hydrocarbons at Krafla.

"The Krafla and Krafla West discoveries provide the basis for a robust fast-track project," Tom Dreyer, head of exploration for the northern North Sea, said in a statement. "They show that growth opportunities still exist in this mature part of the North Sea."

Together, the two discoveries contain combined barrels of 50 million to 75 million of oil equivalent.

The company said it is considering fast-track development of both discoveries by using existing infrastructure in the Oseberg area. Both wells are located southwest of Oseberg South.

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