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  • Statoil Announces Huge North Sea Oil Discovery

    08/16/2011 5:33:10 AM PDT · by Red Badger · 22 replies
    ABC News ^ | August 16, 2011 | By BJOERN H. AMLAND
    Norway's Statoil has received a huge boost to its reserves with the announcement that two previous North Sea oil discoveries are connected which may represent the biggest find in the Norwegian continental shelf in 30 years. Statoil said in a statement Tuesday that the Aldous and Avaldsnes oil discoveries together contain between 500 million and 1.2 billion barrels of oil — significantly more than previously thought. Statoil owns a 40 percent stake in both discoveries and is the operator of Aldous. Tim Dodson, the company's vice president for exploration, called the combined discovery "giant," adding that "Norway has not seen...