Statoil announces oil discovery in outer Moray Firth

The Transocean Spitsbergen drilling rig was used at the Verbier prospect

Statoil has reported that a new discovery in the North Sea could contain up to 130 million barrels of oil.

The Norwegian group said at least 25 million recoverable barrels had been proven in the immediate vicinity of the Verbier sidetrack well in the outer Moray Firth.

It added there could be "significant remaining potential" in the basin.

Statoil plans further appraisals to determine the exact size of the find.

It will also assess the commercial viability of the discovery.

Jez Averty, a senior vice president at Statoil, said: "This is an encouraging result for Statoil and the UK team.

"We have proven oil in good quality sands with good reservoir properties, but significant work remains, most likely including appraisal, to clarify the recoverable volumes and to refine this range."

Statoil holds a 70% stake in Verbier. Its partners are Jersey Oil and Gas (18%) and CIECO Exploration and Production (12%).