Statoil Shares Rise on Gullfaks Find

Bloomberg reported that Statoil ASA rose as much as 2.3% after its discovery in the Gullfaks field in the North Sea, which could potentially mean cheaper oil.

As quoted in a news report from Bloomberg:

Statoil estimates the discovery to hold 40 million to 150 million recoverable barrels of oil equivalent at a shallower level than existing Brent deposits in the license, it said in a statement today. While the estimates are still uncertain, a well test indicates good flow rates, Statoil said.

Click here to read the full Bloomberg report.