Oil Discovery Made in the Barents Sea

An oil discovery has been made offshore northern Norway in the Barents Sea. The find is located approximately 50 miles north of the town of Hammerfest. It is estimated that the field holds between 157 to 252 million barrels of oil. The well, which is located in Block 7122/7-1, was drilled by Transocean Sedco Forex's semisubmersible, Transocean Arctic, in 1,250 feet of water and to a total depth of 4,920 feet. Partners in the block include: Norsk Agip with a 25 percent interest, Phillips Petroleum with a 25 percent interest, Statoil with a 20 percent interest, and Enterprise Oil and Fortum Petroleum each with a 15 percent interest.