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Statoil makes oil and gas discovery in the North Sea

Reuters - UK Focus

OSLO, April 11 (Reuters) - Norwegian oil major Statoil (Xetra: DNQ.DE - news) has made a gas and oil discovery near the Valemon field in the northern part of the North Sea, the company said in a statement on Friday.

"Statoil estimates the total volumes in Valemon North to be in the range of 20-75 million barrels of recoverable oil equivalent," it said in a statement.

"By proving additional volumes in the area we increase the reserves base in the Valemon Unit area and add value to the Valemon field development."

The partners in the Valemon North licence are Statoil with 53.8 percent, state oil firm Petoro with 30 percent, Centrica (Frankfurt: CENB.F - news) Resources with 13 percent and Shell (LSE: RDSB.L - news) with 3.2 percent. (Reporting by Joachim Dagenborg, editing by Terje Solsvik)