STAVANGER, Norway, Oct. 18 (UPI) -- Norwegian energy company Statoil said it was close to finishing a well in the North Sea that could yield at least 400 million barrels of oil equivalent.
Statoil announced that it, along with two regional partners, was almost finished drilling an appraisal well in the Aldous Major South structure in the North Sea.
The company said drilling encountered an oil column around 170 feet thick. Earlier volumes associated with the structure ranged between 400 million-800 million barrels of recoverable oil equivalent, said Statoil.
The company added it would update the reserve estimated once all well data were analyzed. It didn't provide a timeline.
BP last week announced it was investing billions of dollars in North Sea oil developments to exploit the Clair Ridge field west of the Shetland Islands. British Prime Minister David Cameron said the projects indicated continued interest in the North Sea region.
BP Chief Executive Officer Bob Dudley said the company was keen to maintain production levels from the North Sea at more than 200,000 barrels of oil per day for the next 20 years.
