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Statoil announces new oil find in North Sea

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April 19, 2013 06:15 AM EST | AP

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OSLO, Norway — Norwegian energy company Statoil ASA says it has found "significant" new oil resources in the North Sea.

State-controlled Statoil on Friday estimated there are between 40 million and 150 million recoverable barrels in the new discovery in the Gullfaks oil field, adding the estimate "involves a high degree of uncertainty."

The Gullfaks field has been in production since the 1980s.

Oeystein Michelsen, executive vice president for Statoil's development and production in Norway, called the discovery "a result of Statoil's strategy for revitalization of the Norwegian continental shelf."

Norway has stepped up efforts to find more oil near existing North Sea fields and move exploration into Arctic waters in a bid to offset a decline in production.