StatoilHydro strikes oil, gas in North Sea

OSLO (AP) — State-controlled oil company StatoilHydro ASA on Monday announced an oil and natural gas discovery at an exploration well drilled in the North Sea near the existing Oseberg South field.

The Stavanger-based company said the find is believed to have recoverable reserves of 50-80 million barrels of oil equivalents, which measure energy content rather than volume of oil and gas.

"The discovery is a good deal larger than we usually find in wells close to existing fields," said Tom Dreyer, project leader for StatoilHydro. "Given that it lies close to an existing field and can quickly be brought on stream, this is a very interesting volume." ...