Norway's Statoil and partners made an oil discovery in the Verbier sidetrack well, on the U.K. continental shelf, the company announced on Monday.
Statoil said the preliminary discovery proves a minimum of 25 million recoverable barrels of oil and up to 130 million barrels.
"This is an encouraging result for Statoil and the U.K. team. We have proven oil in good quality sands with good reservoir properties, but significant work remains, most likely including appraisal, to clarify the recoverable volumes and to refine this range," Jez Averty, senior vice president of exploration in Norway and the U.K. said.
The Norwegian company said that the partnership will continue to assess the data and plans for a further appraisal to determine the exact size of the discovery.
"The partnership will also seek to determine the commerciality of the discovery in addition to maturing additional opportunities within the lisence," it noted.
Statoil holds a 70 percent stake in the Verbier well, Jersey Oil & Gas holds an 18 percent interest while CIECO V&C holds the remaining 12 percent share.
(Anadolu Agency)
