Norwegian company Statoil has announced it has made an oil and gas discovery in the North Sea.
It is located 10 kilometres north of the Valemon field which is currently under development. The firm estimates total volumes in Valemon North to be in the range of 20-75 million barrels of recoverable oil equivalent.
The field, discovered in 1985, is one of Statoil’s largest current development projects on the Norwegian continental shelf, with recoverable reserves estimated at 206 million barrels of oil equivalent.
Tor Madsen, Vice President for field development in the western North Sea said: “We are very pleased with the results of the Valemon Nord wells and will initiate feasibility studies to identify the best development solution for the discovery.”