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Statoil makes major North Sea find

July 2, 2012 at 9:24 AM

STAVANGER, Norway, July 2 (UPI) -- Norwegian energy company Statoil announced it made a significant gas and condensate discovery in the North Sea off the coast of Norway.

Statoil announced, alongside minority partner Total E&P Norge, the King Lear prospect could hold as much as 200 million barrels of recoverable oil equivalent.

"Statoil had earlier defined King Lear as a potential high-impact prospect," said Gro Gunleiksrud Haatvedt, senior vice president exploration Norway in Statoil, in a statement. "The drill results confirm our expectations and show once again that the Norwegian continental shelf still delivers high value barrels."

The prospect is situated in the southern Norwegian waters of the North Sea. Haatvedt said it was encouraging to see there were significant oil discoveries remaining on the country's continental shelf.

"Not only does it have a proud past, but also an exciting future," added Haatvedt.

The company said it would look at developmental options for the prospect. It didn't give a time or financial estimate for development.

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