Statoil said today that new drilling in the Volve field had uncovered up to 9.4million barrels worth of oil in additional reserves.
The Norwegian company, which holds a 59.6% stake in the licence, believes the new find could extend production in the North Sea field until at least the end of 2016.
The reserves – between 8.8million and 9.4million barrels, would double the estimated remaining reserves.
The rest of the licence is held by ExxonMobil, with 30.4 percent, and Bayerngas Norge with 10 percent.