Norway makes one of biggest North Sea discoveries in a decade

By Paul Homewood

h/t Doug Brodie

Norway has made one of its biggest North Sea oil discoveries in a decade.

It’s a development that will heighten scrutiny of Ed Miliband’s decision to end Britain’s fossil fuel exploration in the area.

Oil field operator Aker BP has uncovered a field that could yield the equivalent of 134 million barrels of oil in an area thought to have already been fully explored.

The find was made in the Yggdrasil field, an area of the Norwegian North Sea close and geologically similar to that of the UK sector.

Karl Johnny Hersvik, the chief executive of Aker BP, said it was “amongst the largest commercial discoveries in Norway in a decade” and added he expected further finds as “new exploration methods push the boundaries”.

He said: “We look forward to unlocking even more of the potential in this prolific area.”

The discovery underlines the growing contrast between Norway and the UK in their approaches to oil and gas.

Norway is enjoying continued success in finding and exploiting new oil and gas in the supposedly “mature” North Sea while Britain is effectively turning its back on the billions of barrels potentially remaining in its own sector.

Full story here.