Statoil seizes on North Sea success

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STAVANGER, Norway, Oct. 26 (UPI) -- Norwegian energy company Statoil said its success at home translated to high expectations about the potential in the British waters of the North Sea.

Statoil said it would serve as the operator of two of the seven exploration licenses awarded in the latest lease sale for the British continental shelf. The licenses are for a 19 blocks west of Shetland in the North Sea.

Nick Maden, vice president for international exploration at Statoil, said Statoil's success on the Norwegian shelf meant there may be significant potential remaining in mature basins in the British North Sea.

"With these new licenses we are building acreage position in proven hydrocarbon provinces," he said in a statement.

The British government had said some license areas could yield an additional 100 million barrels of oil equivalent.

Statoil announced Friday its third quarter net operating income increased 4 percent to $7.1 billion compared to the same period last year. Statoil Chief Executive Officer Helge Lund attributed much of the success to increased production from new fields.