STAVANGER, Norway, Nov. 11 (UPI) -- Statoil's senior vice president in charge of offshore operations Gro Haatvedt said Monday she was "very pleased" with the oil results from the Norwegian Sea.
Statoil announced it made an oil discovery in the Snilehord prospect of the Norwegian Sea. The company said it estimated the prospect holds as much as 100 million barrels of recoverable oil and is its third discovery in the region in as many months.
"We are very pleased with the results of our near-field exploration program in the Norwegian Sea this year," Haatvedt said in a statement. "These [three discoveries] are high value barrels that allow us to extend the production life of our installations."
The Norwegian Petroleum Directorate, the country's energy regulator, confirmed Monday the discovery took place in a wildcat area, a region not known previously to contain recoverable hydrocarbons.
Statoil counts French energy company GDF Suez and Italian energy company E.ON among the major stakeholders in the project. The Norwegian company serves as the operator with a 35 percent interest.
