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2012 Jan 09

Norway's Statoil makes 'substantial oil discovery' in the Barents sea

Norwegian energy firm Statoil reported a "substantial oil discovery" in the Barents Sea on Monday, located close to a major find reported in April.

The find, some 200 kilometres off northern Norway, was made by the state-owned group and its partners, Eni Norway and Petoro.
 
The combined volumes in the new Havis find and the earlier Skrugard find were estimated to be about 400-600 million recoverable barrels of oil equivalent (boe), the group said.
 
The two finds would "open up a new petroleum province" off northern Norway, Statoil chief executive Helge Lund said in a statement.
 
Lund said Statoil believed the new find would "further boost activity in the supplier industry, providing new jobs and generating spin-off effects throughout the region."
 
Source: timeslive.co.za

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