Statoil makes another oil and gas discovery in the North Sea

14/04/2014 00:43

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A new gas and oil discovery has been made by Norwegian oil major Statoil in the northern part of the North Sea, about 10 kilometers of the Valemon gas and condensate field presently under development, as stated by the company on Friday. It is the second substantial finding off Norway in two days.

It is estimated that the total volumes in Valemon North will be between 20 and 75 million barrels of recoverable oil equivalent, according to the declaration. One of Statoil's biggest existing projects on the Norwegian continental shelf is the Valemon gas and condensate field, found in 1985. Its recoverable reserves are likely to attain 206 million barrels of oil equivalent. Statoil is the main partner in the Valemon North license owning about 53.8 percent, followed by state oil company Petoro in possession of 30 percent, while Centrica Resources has 13 percent and Shell owns 3.2 percent. According to the declaration made on Thursday by German gas firm VNG, between 50 and 170 million barrels of recoverable oil equivalents have been found in the Norwegian Sea, counting almost 113 million barrels of oil in the vicinity of Statoil's Njord field.

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