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Statoil announces huge North Sea oil discovery

Statoil announces huge North Sea oil discovery

August 16th, 2011 in News

OSLO, Norway (AP) - Norway's Statoil says that two previous North Sea oil discoveries are connected and together may represent the biggest find in the Norwegian continental shelf in 30 years.

Statoil says that the Aldous and Avaldsnes oil discoveries contain more oil than previously thought - or between 500 million and 1.2 billion barrels of oil equivalent together.

On Tuesday the company's vice president for exploration, Tim Dodson, called the combined oil discovery "giant" and said that Norway last saw such a large find in the 1980's.

Dodson says that the discoveries show that the Norwegian continental shelf remains an attractive source for crude.

Statoil owns a 40 percent stake in both the Aldous and Avaldsnes discoveries.