Norway's Statoil said Monday it has discovered a large oil reserve in the Barents Sea, its second major oil find in the Arctic region in less than a year.The state-controlled oil company said a well drilled in the Havis prospect in the Barents Sea proved both oil and gas at an estimated volume of between 200 million and 300 million barrels of recoverable oil equivalents.
Last April, Statoil said it had discovered between 150 million-250 million recoverable barrels of oil equivalents in the nearby Skrugard prospect.
The company has received a huge boost to its reserves in the past year. In August, it announced the biggest find in the Norwegian continental shelf in 30 years with a massive discovery of 500 million to 1.2 billion barrels of oil in the North Sea.
The more oil discovered away from despots and 3rd world religious crackpots the better!