Statoil Reports Significant Barents Sea Oil Discovery (STO,E
The Norwegian Energy Company Statoil ASA (NYSE:STO) along with its Italian partner Eni SpA (NYSE:E) and fellow Norwegian state-owned Petoro reported a "major" oil discovery of an estimated 500 million barrels of oil equivalent in the Barents Sea.Statoil said the breakthrough find is one of the most important discoveries on the Norwegian continental shelf in the last 10 years. Norway's oil production, most of which is extracted from the North Sea, peaked in 2001.Statoil said the reserves were found at the Skrugard prospect in the Barents Sea. The well was drilled by Transocean's (NYSE:RIG) Polar Pioneer rig."The oil is expected to be easily producible," Statoil said.Shares of StatoilHydro are trading up 3.36% at $28.57.
Credit: Financial News Network
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