Norway has found the cornerstone of its oil production for the next year. The Barents Region of Skrugard is thought to give Norway up to 900 million barrels of oil.
Aker Barents oil rig made the discovery in the Havis area. Statoil announced the found today.
The Havis area will produce 200-30 million barrels but the surrounding area up to 600 million barrels.
This is the second major discovery in the last nine months, much to the delight of Norwegians.
"This found will be profitable both for Statoil and for Norway," the president of Statoil, Helge Lund, announced.
This is a new area which is very rich in oil. The one who searches, will find oil. There is a lot of research behind this," Lund said.
"Since the last major finding in 1997 we have made around 250 researches which is a major task," he said.