North Sea finds linked in 'giant' oil discovery

08/22/2011
Eric Watkins Oil Diplomacy Editor Statoil Petroleum AS said communication has been established between the Aldous and Avaldsnes oil discoveries, representing a single oil structure with potentially 0.5-1.2 billion bbl of recoverable oil equivalent. "If the upper part of the interval strikes pay dirt, the discovery will be one of the 10 largest oil finds ever on the Norwegian continental shelf," said Statoil, which has a 40% stake both in license PL 265, where Aldous was discovered, and in PL 501, where the Avaldsnes discovery was made. "Norway has not seen a similar oil discovery since the mid-80s" said Tim Dodson, Statoil's executive vice-president for exploration, re...
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