Statoil Finds Oil Near Grane Field in North Sea

OSLO--Norway's Statoil ASA (STO) said Tuesday it had found between 30 million and 80 million barrels of oil in the North Sea, about 180 kilometers west of the city of Stavanger, and the discovery could potentially be tied in to the nearby Grane field to help extend its life.

"We are pleased with having proved new oil resources in the Grane area," said May-Liss Hauknes, Statoil vice president for exploration in the North Sea. "It provides high-value barrels that are important for extending the production life of existing installations."

New oil finds near existing infrastructure can help extend the life of platforms and equipment that would otherwise be taken to shore to be scrapped when their production lifetime is over. The well was drilled at 1,867 meters below the seabed, at a water depth of 129 meters.

Statoil is operator of production license 169, where the discovery was made, with a 57% stake. State-owned Petoro AS has a 30% stake and ExxonMobil Corp. (XOM) has a 13% stake.

Write to Kjetil Malkenes Hovland at [e-mail]

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