A Norwegian regulator confirmed two separate oil and gas discoveries on Monday, the largest of which could contain at least 35 million barrels of oil.
Apart from Russia, Norway is the largest oil and natural gas producer for the European market, designating nearly all of its offshore output for exports.
The Norwegian Petroleum Directorate confirmed Monday that a regional subsidiary of Lundin Petroleum finished an appraisal operation at a discovery located about 12 miles south of the Edvard Grieg field, which is already in production in the North Sea.
Before drilling, Lundin estimated the reserve potential of the find at between 29 million and 73 million barrels of oil and as much as 100 billion cubic feet of natural gas. After drilling, the NPD raised that estimate by as much as 20 percent for oil, while keeping the estimate for natural gas in place.