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10

Norway's Statoil Discovered Oil In Shetland

Norwegian petroleum group Statoil said on Wednesday that an appraisal well at the Rosebank prospect...

Norwegian petroleum group Statoil said on Wednesday that an appraisal well at the Rosebank prospect northwest of the Shetland Islands struck oil and said it aimed to develop the discovery.

"During a production test, the well flowed at choked rates of 6,000 barrels of oil per day," Statoil ASA said in a statement.

"The partnership is making every effort to commercialise the discovery as quickly as possible," Statoil said.

Statoil has a 30 percent interest in the discovery which lies 160 kilometres northwest of the Shetland Islands. Its partners in the area are operator Chevron with a 40 percent interest, Austria's OMV with 20 percent and Denmark's Dong Energy with 10 percent, Statoil said.