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Norway’s Statoil lists surprising size of new oil find

October 6, 2011

Last year, Statoil discovered a new oil field in a region of the North Sea in which they have been drilling since 1966.  This week, they placed the size of that new discovery at between 800 million and 1800 million barrels, making it the 3rd largest discovery in Norwegian history.  The size of the discovery is shocking because it comes in the middle of a mature field thought to be declining in production.  This is just another example of how the true size of petroleum reserves  – both conventional and unconventional – is unknown (but is probably much, much larger than currently estimated).

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