Statoil, together with partners in the Grane Unit, has made a new oil discovery in the vicinity of the Grane field in the North Sea.

Statoil and its partners are in the process of concluding drilling operations in exploration well 25/11-27 in the Grane Unit.

Drilled by the rig Songa Trym the well proved an oil column of 20 metres in the Heimdal Formation. The estimated volume of the discovery is in the range of 18-33 million barrels of recoverable oil.

"We are pleased with having proven new very high value resources in the Grane area," says Tore Løseth, vice president for exploration in the North Sea. "The oil discovery is located directly north of the Grane field and can be developed effectively."

Timely near-field exploration is an important element in Statoil's sharpened exploration strategy for the Norwegian continental shelf (NCS). This implies exploration close to existing installations that in the near future will have spare capacity for new tie-ins.

Tags: Statoil