Statoil announces new oil industry discovery

Statoil has announced a new oil industry find in the North Sea.

The company has revealed that, along with partners Svenska Petroleum Exploration AS and Det norske oljeselskap ASA, it has struck upon a new opportunity in the Krafla prospect.

Situated to the south of the Oseberg South Field, the well's exact reserves have not yet been established.

Statoil has highlighted that the collection of information on this area is still ongoing - but notes that early data makes the find look promising.

The company's head of exploration on the Norwegian continental shelf, Gro Gunleiksrud Haatvedt, comments: "The North Sea is a strategically important area to Statoil, and this discovery on Krafla confirms once again that the company can still find interesting volumes close to established infrastructure."

Recently, Statoil announced that it had taken on board the services on KCA Deutag to assist with drilling in the Norwegian North Sea.

Working together to develop a managed pressure drilling system, Statoil revealed that this was a necessary move in order to successfully drill the area without high pressure and temperatures hampering proceedings.