Statoil is close to finishing its oil well in its Aldous Major South structure in the North Sea, which is appraised to have an estimated 400-800 million barrels of oil equivalent.
The Norwegian oil company, along with two regional partners, is close to completion of an appraisal well and plans to update the reserve estimation once all data is analyzed.
Statoil said they came across an oil column about 170 feet thick with at least 400 million barrels of oil equivalent. This discovery could be the third largest ever made off of Norway.
Statoil is the operator of the field and owns 40 percent interest, state-owned Petoro owns 30 percent, Det Norske Oljeselskap owns 20 percent and Lundin Petroleum of Sweden owns 10 percent, according to Reuters.
Statoil’s appraisal has made the North Sea a new area for oil exploration, an area that was normally not viewed as an ideal option.
That’s all for now,