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Statoil finds at least 25 million barrels of oil in the North Sea

16th October 2017

At least 25 million barrels of oil were uncovered while drilling into the British waters of the North Sea, Norwegian energy company Statoil said Monday.

The company said it made a new oil discovery while drilling into Verbier basin in British waters. Preliminary data show the field contains between 25 million and 130 million barrels of recoverable oil.

Statoil said the discovery solidified the future for a maturing basin in the North Sea, where it believes significant potential remains.

"Significant work remains, most likely including appraisal, to clarify the recoverable volumes and to refine this range [of the reserve potential]," Jez Averty, a vice president for exploration, said in a statement.

The Verbier results were the only success for Statoil in a three-well effort in the region.


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