Statoil Makes Barents Sea Discovery

Norway's StatoilHydro has announced an oil and gas discovery in the Barents Sea, the company's fourth find on the Norwegian continental shelf this year.

The company says it is too early to estimate the size of the find at production licence 228 until further data processing has been carried out.

Further drilling at the licence is being planned.

"The finds confirm our expectations that additional reserves can be found in this area, and we plan to drill another well in this licence in 2008," says head of exploration on the Norwegian continental shelf, Tim Dodson.

StatoilHydro has previously reported discoveries south-west of the Grane field and in the Fram area of the North Sea.

The company has also made oil discoveries at Marulk on Haltenbanken where it has a 50% ownership stake.

StatoilHydro is the operator with a 100% interest in licence 228.

By Ozge Ibrahim