Big new oil find lifts expectations

Statoil has struck oil in the Norwegian Sea again. The Norwegian state oil company's explorations in the Falk field - not far from its huge Norne field, which is already under production - have uncovered a reservoir estimated to contain 60 million barrels of crude.

The new find follows on the heels of an estimated 100-million-barrel discovery in the nearby Svale field last May. Statoil's partners in both areas include Norsk Hydro, Agip and Enterprise. This year's discoveries in the Norwegian Sea bode well for Statoil explorations planned for next year in the Hauk and Linerie.