Global Processing

StatoilHydro discovers oil off the coast of Norway

August 26, 2008

The Associated Press reports that StatoilHydro ASA has discovered more oil off the southwestern coast of Norway. The discovery, near the Sleipner oil field in the North Sea, is estimated to be 100 million to 125 million barrels. Total SA and Exxon Mobil Corp. also have stakes in the new oil well. The discovery was made under a gas field located 30 years ago and is part of an effort by StatoilHydro to revisit oil blocks explored in the early phase of oil development at the Norwegian Continental Shelf. StatoilHydro also announced a deep-water discovery of some 4 billion cubic meters (141 billion cubic feet) of recoverable gas in the Norwegian Sea, 290 kilometers (180 miles) off the northern coast. Exxon Mobil and ConocoPhillips are partners with StatoilHydro in this finding.