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Jennifer is Co-host of The Story of Liberty Radio Broadcast, video editor and creator, blogger & Web designer for the Story of Liberty. TheStoryofLiberty.net

MASSIVE OIL DEPOSIT DISCOVERED IN ARCTIC REGION

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 company’s shares rose by 1.2 percent to 157.3 Norwegian kroner ($26.0) in early trading Monday.

The world’s seventh-largest oil exporter may slow a decade-long slump in production after recent success from the Arctic to the North Sea, including the world’s largest offshore find last year, according to Bloomberg.

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