GALWAY, IRELAND--October 30, 2014 --Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) Statoil ASA (NYSE:STO) (Stavangar, Norway) has struck oil in the Grane region of the Norwegian North Sea. The find, estimated to between 30 million and 80 million barrels of recoverable oil, is located in the so-called 'D-structure' in the vicinity of the existing Grane field in the North Sea. Well 25/8-18 S, drilled by the rig Transocean Leader, proved an oil column of 25 metres in the Heimdal Formation.
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