The company and its partners are in the process of concluding drilling operations on the prospect, which is located approximately 100 kms north of the Snohvit gas field in the Barents Sea.
The well has proven gas column of 33 metres and an oil column of 90 metres, and the oil is anticipated to be easily producible.
According to Statoil, the estimated volume of the discovery is between 150 and 250 million recoverable barrels of oil equivalent (boe), while Statoil sees opportunities for further upside in the license of up to 250 million barrels for a potential total of 500 million boe.
Statoil said it has plans for both the drilling of a new prospect in the same license next year and a possible appraisal drilling at Skrugard.
Statoil is the operator of the license 532 with a 50% interest, with Eni and Petoro holding 30% and 20% interests, respectively.
