High quality oil reserve has been found in the North Sea. Statoil and its partners are responsible for the found, described as a “reservoir of excellent quality.”
The North Sea is a marginal sea of the Atlantic Ocean located between Great Britain, Scandinavia, Belgium, and the Netherlands.
Statoil expects the well to deliver between 200 and 400 million barrels of oil equivalent (boe) from the 65 metre deep oil column. The company also expects additional upside in the licence both north and south of the discovery.
Exploration and drilling in the area has already taken place with the Aldous Major North Well being one of the favourites for high volumes of oil potential. Statoil is the major stakeholder in the area but Petro, Det norske oljeselskap and Lundin also have stakes in the area.