Statoil Finds Oil In Norwegian Sea

Norwegian energy company Statoil said Wednesday it made an oil discovery in its Svale North prospect in the Norwegian Sea.

Statoil said it encountered oil while drilling exploration well 6608/10-15 in the prospect, about five miles from its proven Norne field.

Statoil said it estimated the volume of the discovery at Svale North at between 6 million and 19 million barrels of recoverable oil.

Statoil said it's the second discovery of its kind in the Norwegian Sea in three weeks. It announced a discovery in the Smorbukk North prospect last month.

Copyright, UPI, 2013.