Norway's Statoil and
partners made an oil discovery in the Verbier sidetrack well, on the U.K.
continental shelf, the company announced on Monday.
Statoil said the
preliminary discovery proves a minimum of 25 million recoverable barrels of oil
and up to 130 million barrels.
"This is an
encouraging result for Statoil and the U.K. team. We have proven oil in good
quality sands with good reservoir properties, but significant work remains,
most likely including appraisal, to clarify the recoverable volumes and to
refine this range," Jez Averty, senior vice president of exploration in
Norway and the U.K. said.
The Norwegian company said
that the partnership will continue to assess the data and plans for a further
appraisal to determine the exact size of the discovery.
"The partnership will
also seek to determine the commerciality of the discovery in addition to
maturing additional opportunities within the lisence," it noted.
Statoil holds a 70 percent
stake in the Verbier well, Jersey Oil & Gas holds an 18 percent interest
while CIECO V&C holds the remaining 12 percent share.
(Anadolu Agency)