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Swedish oil firm confirms massive North Sea find

TT/The Local · 30 Sep 2011, 12:53

Published: 30 Sep 2011 12:53 GMT+02:00

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The Avaldsnes oil source was discovered in September of last year and was at the time already seen as a significant boost for the company. It was then estimated to bring between 100 to 400 million barrels of oil, which was later upgraded to between 400 and 800 million. Now, after further investigation, they firm has concluded that it might be as much as 1.8 billion barrels.

“The discovery is likely to be one of the largest five discoveries on the Norwegian Continental shelf and certainly the largest since the mid 80's and highlights the continued prospectivity of what many viewed as a mature region with limited remaining potential,” CEO Ashley Heppenstall said in a statement.

After breaking the news of the new estimates, Lundin Petroleum skyrocketed on the Stockholm stock market, rising more than 25 percent by lunchtime on Friday.

Story continues below…

The find is also a great success for Swedish Statoil Petroleum AS who is a partner of Lundin Petrolium with a 40 percent interest in the license. Maersk Oil Norway AS holds the remaining 20 percent.

TT/The Local (news@thelocal.se)

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Your comments about this article

14:14 September 30, 2011 by jgmouton
More pollution...
14:43 September 30, 2011 by Abe L
Something tells me this will make the price of gas go down, sadly.
14:58 September 30, 2011 by Grokh
isnt the idea to get rid of oil , not look for more -_-x
15:04 September 30, 2011 by jmclewis
@ Jgmouton, Abe L & Grokh

You are fools to believe Solar and Windpower will replace oil, it is impossible!

This is more proof along with the large field off Brazil that Oil is not running out and supply will not disappear any time in the near future. Oil is the best most efficient source of portable fuel on the planet.
15:19 September 30, 2011 by Twiceshy
jmclewis that is a rather transparent strawman argument.

No one says that oil is "running out", the issue is the speed at which we're finding new supplies vs the speed at which we consume existing ones. The latter is much higher than the former, and a 1.8 billion barrel find is not going to change that...

1.8 billion barrels is what the world consumes in 22.5 days... do you see a news article like this one every three weeks? No...
15:30 September 30, 2011 by Zambian
Few of us are willing to give up their standards of living which are hugely subsidised by oil- cheap food, transport, heating in fact almost everything- so it seems we either find an alternative concentrated energy source of which none of "green" alternatives come close ( http://fora.tv/2009/01/16/Saul_Griffith_Climate_Change_Recalculated ) or we accept drilling for oil. What baffles me is why we can't develop safe methods of extraction- it's surely a matter of us insisting on safe, clean, zero risk oil extraction and transportation. ie we must be willing to pay more and use less.

Of course the carbon emission issue is another whole question- if this is driving life- threatening climate change then for that reason we shouldn't drill at all. I think though we'll find that far greater carbon emission is coming from poor management of soils and the cycle can be reversed by Allan Savory's holistic planned grazing. http://www.savoryinstitute.com/
16:05 September 30, 2011 by Svensksmith
We are going to run out of oil. There is no argument about that. When is anyone's guess. Best to start preparing for that eventuality while we still have the means to do so.
16:54 September 30, 2011 by Twiceshy
Depends on your definition of running out. The last supplies will never be extracted from the earth, as they will be too expensive to be worth it.
19:54 September 30, 2011 by Tanskalainen
The problem is not the oil itself but what we use it for. We continue to use this resource for incredibly stupid things such as the soles of our shoes and the sheets and pillow cases on our bed. There is no excuse.
21:14 September 30, 2011 by Svensksmith
And for grocery bags and beer bottles and other disposable stuff which not only wastes the resorce but never biodegrades.
09:46 October 1, 2011 by jonathanjames61
why don't human thinks that this oil drilling is getting to much,The oil might be part of the mechanical engineering of planet earth,and one day this drilling will put a clog in to the wheels of this earth,and we shall lost it all , ,human don't you think, because of greediness of the mind,why don't we look for alternative energy source now.
07:08 October 2, 2011 by MarkinBoston
The more they say oil is running out, the more they find. Isn't it wonderful? American President Carter said that the world's oil would run out in seven years - in the 1970s. How did that work out? Canada is a new Saudi Arabia - how cool is that?
12:10 October 3, 2011 by Twiceshy
MarkinBoston please post evidence that more oil is being discovered than consumed... And if you don't have it, admit it.
16:10 October 3, 2011 by Uncommon Sense
If anyone is against the exploration, development, and use of oil, I have but one suggestion ~ don't use any! If oil is used in your automobiles, sell them. If oil or any petroleum products are used in the buses you ride, walk. If oil is used in any medications you take, discontinue them. If oil is used for packaging of anything you buy, chose a different product. In other words, live like you want the rest of us to live. If you can't, let the development of oil continue, including all exploration.
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