The company said Friday it made discoveries at two wells in the prospect located in Norwegian waters. It estimates the total volume of the new discoveries at between 20 million and 75 million barrels of recoverable oil equivalent.
Discovered in 1985, Statoil said the prospect is one of its most important assets on the Norwegian continental shelf. In total, the field holds an estimated 206 million barrels of oil equivalents.
"Production start-up is expected fourth quarter 2014," Tor Madsen, vice president for regional development, said in a statement. "We are very pleased with the results of the Valemon Nord wells, and will initiate feasibility studies to identify the best development solution for the discovery."
The Norwegian Petroleum Directorate confirmed the discovery in a northern part of the Valemon field in an area not previously known to contain oil and natural gas reserves.