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Statoil and partners struck oil in the Arctic

The Norwegian oil producer kicks off July with an oil discovery in the Barents Sea and will now begin a UK exploration campaign.

Photo: Transocean

Statoil has a reason to celebrate this summer, both in its Norwegian and British departments.

In the company's homeland of Norway, an oil discovery has been made in the Barents Sea, announces Statoil. The discovery was made during the Kayak drilling in the Johan Castberg license approximately 200 kilometers northeast of Hammerfest in the most northern part of continental Norway. It seemingly contains between 25 and 50 million barrels of extractable oil equivalents.

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