Statoil ups estimate for oil reserves in North Sea field

06/5/2013 | Reuters

The Volve field in the North Sea contains up to 9.4 million barrels in additional oil reserves, Statoil said, following new drilling in the field. Production at the site could be extended at least until the end of 2016 following the reserves adjustment, the company said. Statoil owns a 59.6% stake in the field, while ExxonMobil and Bayerngas Norge hold the rest of the shares.

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