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Home BUSINESSNorway discovers new oil field in North Sea
Sat, 12 Apr, 2014 03:28:23 AM
FTimes-Xinhua Report, April 12

Norway's energy giant Statoil and its partners has made a new gas and oil discovery in the Valemon North in North Sea, Statoil announced on Friday. 

The discovery wells are located about 10 kilometers north of the planned Valemon installation. 

Statoil estimates the total volumes in Valemon North at 20-75 million barrels of recoverable oil equivalent. 

The Valemon field, discovered in 1985, is one of Statoil's largest ongoing development projects on the Norwegian continental shelf. The recoverable reserves are estimated at 206 million barrels of oil equivalents.

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