OSLO--Norway's Statoil ASA (STO) said Tuesday it had found
between 30 million and 80 million barrels of oil in the North Sea,
about 180 kilometers west of the city of Stavanger, and the
discovery could potentially be tied in to the nearby Grane field to
help extend its life.
"We are pleased with having proved new oil resources in the
Grane area," said May-Liss Hauknes, Statoil vice president for
exploration in the North Sea. "It provides high-value barrels that
are important for extending the production life of existing
installations."
New oil finds near existing infrastructure can help extend the
life of platforms and equipment that would otherwise be taken to
shore to be scrapped when their production lifetime is over. The
well was drilled at 1,867 meters below the seabed, at a water depth
of 129 meters.
Statoil is operator of production license 169, where the
discovery was made, with a 57% stake. State-owned Petoro AS has a
30% stake and ExxonMobil Corp. (XOM) has a 13% stake.
Write to Kjetil Malkenes Hovland at
kjetilmalkenes.hovland@wsj.com
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