Statoil Says North Sea Finds Linked in ‘Giant’ Oil Discovery

Statoil ASA said two North Sea finds are probably part of a single field that could be the country’s largest oil discovery since the 1980s, helping to prolong the nation’s output that has declined for 10 consecutive years.

The Aldous and Avaldsnes oil discoveries located on the Utsira High may hold 500 million to 1.2 billion barrels of recoverable oil, the Stavanger-based company said in an e-mailed statement today.