Statoil strikes on new oil industry find

The oil industry has discovered a new source of gas and oil in the Barents Sea, it has been revealed.

Statoil, alongside its partners Petoro and Eni Norway, found the source on the Skrugard prospect, Energy Business Review (EBR) reveals.

Currently concluding drilling at the site, the company and its partners established that there is a 90-metre oil column, as well as a gas column spanning 33 metres.

And the "oil is anticipate to be easily producible", EBR reveals.

The new find lies approximately 100 km north of the Snohvit gas field.

Statoil claims that the new site should produce between 150 million and 200 million barrels of oil equivalent.

The company "has plans for both the drilling of a new prospect in the same license next year and a possible appraisal drilling at Skrugard," comments the resource

Last month, Exillon Energy found oil at a new site in Siberia, in an extension of the EWS I field.