Statoil Announces Recent North Sea Discovery Even Larger Than Expected

Communication between the Aldous and Avaldsnes oil discoveries on the Utsira High in the North Sea has now been confirmed. In combination these discoveries may represent an oil structure of between 500 million and 1.2 billion barrels of recoverable oil equivalent. If the upper part of the interval strikes pay dirt, the discovery will be one of the ten largest oil finds ever on the Norwegian continental shelf. Statoil STO has a 40% stake both in licence PL 265, where Aldous was discovered, and in PL 501, where the Avaldsnes discovery was made.