Statoil has made oil discovery during the drilling of exploration well 25/11-27 in the Grane area of Norwegian Continental Shelf (NCS).

The new oil discovery is situated near the Grane field in the North Sea and was drilled using rig Songa Trym.

The 25/11-27 well proved an oil column of 20m in the Heimdal Formation and an estimated volume in the range of 18-33 million barrels of recoverable oil.

Statoil North Sea exploration vice president Tore Løseth said the company has proved new high value resources in the Grane area.

"The oil discovery is located directly north of the Grane field and can be developed effectively," Løseth added.

"Near-field exploration is an important contribution in Statoil’s exploration portfolio on the NCS.

"Even though volumes in these discoveries are moderate compared with the big finds over the last few years, these are fast, high-value barrels that are important for extending the production life of existing installations."

Statoil is the operator with 36.66% interest, while other partners Petoro, ExxonMobil Exploration & Production Norway, and ConocoPhillips Skandinavia each own 28.94%, 28.22% and 6.17% interest, respectively.