Statoil Makes Another Oil Discovery In The North Sea - Hedge Fund Alpha (formerly ValueWalk Premium)

Statoil Makes Another Oil Discovery In The North Sea

Statoil Petroleum has made another significant oil discovery in the Hyme field in the Norwegian Sea. Statoil ASA (NYSE:STO) is the operator of this field with the production license 348 B and has discovered oil in the wildcat wells 6407/8-6 and 6407/8-6 A. Near-field exploration strategy of Statoil “The wells were drilled about 4 kilometers west of the Hyme field and 15 kilometers northeast of the Njord field in the Norwegian Sea. Preliminary estimates place the size of the discovery between 9 and 16 million cubic meters of recoverable oil equivalents. The well was not formation-tested, but extensive data acquisition and sampling...

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