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Statoil doubles estimates for giant North Sea find

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Norway's oil and gas major Statoil STO, -0.98% Friday announced its giant North Sea discovery Aldous Major South is estimated to contain double the volume compared with previous estimates.

The partly state-owned Norwegian company said the find is estimated to contain between 900 million and 1.5 billion barrels of recoverable oil equivalent. This compares with its previous statement that the find would contain between 400 million and 800 million.


Statoil said the company would wait to provide updated volume estimates for the combined area.

Sweden's Lundin Petroleum (LUPE.SK), which operates the Avaldsnes field has said Avaldsnes contains between 800 million and 1.8 billion barrels.

"Aldous/Avaldsnes is a giant, and one of the largest finds ever on the Norwegian continental shelf. Volume estimates have now increased further because the appraisal well confirms a continuous, very good and thick reservoir in Aldous Major South," said Tim Dodson, executive vice president for Exploration in Statoil.

Statoil is the operator and has a 40% interest in Aldous Major South while Norwegian state-owned Petoro owns 30% of the field, Det norske oljeselskap (DETNOR.OS) owns 20% and Lundin Petroleum AB (LUPE.SK) 10%.

In Avaldsnes, Statoil and the operator Lundin Norway AS each have a 40% interest, while Maersk Oil Norway AS -- the oil arm of A.P. Moller-Maersk A/S (MAERSK-B.KO) -- owns 20%.

Shares Thursday closed at NOK137.10.

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