North Sea Oil Hits the Jackpot

The Norwegian firm Statoil yesterday announced that an exploration team has re-estimated the current size of the Aldous Major South oil field to nearly double that previously thought.
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The discovery team estimate that Aldous Major South now contains an estimated 900 million to 1.5 billion barrels of oil. The value of the find was significantly increased due to the relatively shallow depth the field. A Joint operation between Norwegian and Swedish firms to assess and begin development of the area now looks set to go ahead.

The news may also provide a boost to the UK’s operations in the North Sea. In recent years production has declined in the North Sea. However, a number of gas and electricity suppliers, together with some of the UK’s leading petroleum companies, have already begun to invest heavily in future North Sea oil projects. BP recently announced a £7bn investment in both the Clare Ridge scheme and the redevelopment of the Schielhallion and Loyal fields.

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