SCANDINAVIAN energy giant Statoil doubled its reserves estimate on the North Sea Aldous discovery yesterday to up to 1.5billion barrels.
The part state-owned firm described the find as one of the largest on the Norwegian continental shelf.
It said an appraisal well on the Aldous Major South discovery in the Norwegian North Sea had confirmed significant additional volumes.
Estimates for the PL265 licence containing the find were now 900million-1.5billion barrels of recoverable oil equivalent (boe), doubling the previously estimates of 400-800million boe.
Statoil had said previously there were links between Aldous in licence PL265 and Avaldsnes in PL501 and that this was one large oil discovery.
Tim Dodson, executive vice-resident for exploration at Statoil said yesterday: “Aldous/Avaldsnes is a giant, and one of the largest finds ever on the Norwegian continental shelf.
“Volume estimates have now increased further because the appraisal well confirms a continuous, very good and thick reservoir in Aldous Major South.”
Aldous operator Statoil said the Aldous/Avaldsnes discovery extended over an area of nearly 70 square miles and that additional appraisal wells would be drilled on both licences.