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.”

Statoil will consider tying the discovery to its Grane field, making it cheaper to develop, the Stavanger, Norway-based company said in the statement. Its shares rose 1.7 percent to 151.2 kroner as of 10:26 a.m. in Oslo.

Statoil’s discovery, which holds 30 million barrels to 80 million barrels of recoverable oil, is located 7 kilometers (4 miles) from the Grane field in the Utsira High area of the North Sea, home of Norway’s biggest oil find in decades, Johan Sverdrup. It was made in a structure where a well found 6 million barrels of oil in 1992.

Statoil operates the license with a 57 percent stake, while Petoro AS holds 30 percent and Exxon Mobil Corp. 13 percent. The Norwegian state-controlled company found as much as 33 million barrels of oil in the same formation in a neigboring license in 2013.

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