Norway confirms minor discovery made by Statoil in frontier territory in the North Sea. Photo courtesy of Statoil. OSLO, Norway, July 1 (UPI) — The Norwegian government confirmed Wednesday oil and gas reserves were discovered in a North Sea area not known previously to contain hydrocarbons. The Norwegian Petroleum Directorate, the nation’s energy regulator, said reserves were discovered in appraisal and wildcat, one drilled in an untapped area, near the existing Gina Krog field in the North Sea. The NPD said the objective of the well was to prove and delineate the potential for commercial volumes of oil and natural gas. For the discovery as a whole, the regulator said it estimated the size of the discovery at between 35 million and 70 million cubic feet of oil equivalent, which would be an average 9.3 million barrels if the entire discovery existed as oil. There was no comment on […]