The well hit a proven gas column of 33m and an oil column of 90m.
The site on the Skrugard prospect is located 100km north of the Snohvit gas field in the Barents Sea.
The estimated volume of the discovery is between 150 million and 250 million recoverable barrels of oil equivalent, with further upside potential in the licence of up to 250 million barrels.
Statoil executive vice-president for exploration Tim Dodson said that the Skrugard find is significant and a breakthrough for frontier exploration in the Barents Sea.
“This opens a new oil province that can provide additional resource growth,” Dodson said. “If the volume estimates are confirmed, then this discovery could provide a basis for an independent development.”
Presently, Statoil and its partners are in the process of concluding drilling operations with the Polar Pioneer rig on the Skrugard prospect.
Statoil is the operator of licence 532 with a 50% share, along with Eni, which holds 30%, and Petoro with 20%.