Norwegian oil and gas company Statoil has made a new oil discovery near its Grane field (pictured) in the North Sea.

The estimated volume of the find is said to be between 18 – 33 million barrels of recoverable oil.

Tore Loseth, Vice President for exploration in the North Sea said: “We are pleased with having proven new very high value resources in the Grane area. The oil discovery is located directly north of the Grane field and can be developed effectively.

“Even though volumes in these discoveries are moderate compared with the big finds over the last few years, these are fast, high-value barrels that are important for extending the production life of existing installations.”

Statoil said around 40% of its exploration wells this year on the Norwegian Continental Shelf would be near-field exploration. Other partners in the Grane field are Petoro, ExxonMobil and ConocoPhillips.

Earlier this year Statoil was given the green light to drill an oil field, believed to be one of the biggest developments ever in the North Sea.