Statoil and partners Det norske oljeselskap and Svenska Petroleum Exploration have made a new oil discovery in the North Sea Krafla prospect.

A discovery of between 12.5 million and 56.5 million barrels of recoverable oil equivalent was identified in the well, which is located in block 30 / 11, 26km south of the Oseberg South field.

The well was drilled by the Ocean Vanguard rig, showing a column of approximately 200m in reservoir rocks.

Once the Krafla well is completed, Ocean Vanguard will start drilling Krafla West.

The licensees in PL035 / PL272 include operator Statoil, which owns 50%, and Det norske oljeselskap and Svenska Petroleum Exploration, with 25% each.