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Statoil Boosts Oil Volumes in 20-Year-Old North Sea Discovery

Statoil ASA, Norway’s biggest energy company, found as much as 80 million barrels of oil near the Grane field in the North Sea, potentially boosting volumes at a 1992 discovery more than 13-fold.

“This is a result of a recent re-evaluation of the area,” May-Liss Hauknes, Statoil vice president for exploration in the North Sea, said in a statement. “New seismic and improved subsurface mapping have given us new confidence in the D-structure and allowed to mature it towards a drilling decision.”