Statoil finds oil, natural gas near Norwegian Sea

Statoil, Norway's biggest oil and natural gas company, found oil and gas about 15km northeast of the Norne field in the Norwegian Sea.

The company estimates recoverable oil resources of 37 million to 63 million barrels and associated and free gas of one billion to three billion cubic metres, according to a statement yesterday.

Statoil together with its partners will consider developing the find as a tie-in to Norne. "These discoveries demonstrate that also the deeper, western parts of the Norne area remain prospectable," Geir Richardsen, Statoil's head of exploration in the area, said in the statement.

"This may well have a bearing on our field longevity work."

Statoil is the operator of Production License 128 with an almost 64 per cent stake, while Petoro AS holds about 25 per cent and Eni has 11.5 per cent.

Statoil is a fully-integrated petroleum company with production operations in 13 countries.

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