Oil discovery declared by Statoil in North Sea

Norwegian energy company Statoil said Tuesday it found at least 30 million barrels of oil in the Grane area in the Norwegian waters of the North Sea.

Statoil said the discovery in the so-called D-structure near the Grane field in the North Sea holds between 30 million and 80 million barrels of recoverable oil. The company said discoveries in the immediate area were struck in 1992, with an estimated reserve potential of 6 million barrels of oil.

The company said discoveries like Tuesday's are part of an effort to extend the life of existing basins on the Norwegian continental shelf.

Norway is a European leader in terms of oil and natural gas production.

The Norwegian government said average oil production in September was 1.47 million barrels of oil per day, 2.5 percent higher than expected and 10 percent above the production level for September 2013.