Market Overview

Statoil Announces Another Major Oil Find

Statoil (NYSE: STO), Norway's largest oil company, said the Havis prospect in the Barents Sea may hold 200 million to 300 million barrels of oil. Those estimates are comparable to what Statoil said can be recovered from the nearby Skrugard field. Statoil announced the Skrugard field discovery last year.

The two Barents Sea discoveries are seen as having the potential to help Norway stem a decade's long decline in oil output. Eni SpA (NYSE: E), Italy's largest oil company, also has an interest in Havis along with Norway's Petoro AS.

Oil and gas companies are expected to invest a record $31 billion in Norway, the world's seventh-largest oil exporter, this year, according to Bloomberg News.

Posted-In: Long Ideas News Futures Commodities Global Pre-Market Outlook Intraday Update Markets

 

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