Norway has uncovered one of its biggest North Sea oil discoveries in a decade, despite Energy Secretary Ed Miliband scrapping further UK exploration.
Aker BP, the oil field operator, has described the find as “significant”, saying it might yield 134 million barrels of oil.
Aker BP CEO, Karl Johnny Hersvik said it was among the “largest commercial discoveries” in Norway in the past 10 years.
Additionally, Karl Johnny Hersvik said, “Building on the momentum from the oil discovery at East Frigg in 2023, it marks a major step toward our ambition of producing more than one billion barrels from the Yggdrasil area.
“This is the result of a strong collaborative effort between our own teams and our alliance partners and a testament to how new exploration methods push the boundaries.
“We look forward to unlocking even more of the potential in this prolific area.”
The North Sea oil discovery was made in the Yggdrasil area in the Norwegian area, which is not so far from the border with British waters.
It is estimated that by 2030, around 180 of Britain’s more than 280 oil and gas fields in the North Sea will have halted production.
While Norway marks this North Sea oil discovery success, a different approach is being taken by Britain.
Windfall taxes put in place by the Tories and increased by Labour mean UK oil and gas extraction profits stands at 78 per cent.
However, the Government announced plans earlier this year to end the windfall tax. It was introduced in 2022 to help fund support for households struggling with rocketing energy bills in 2030.
Meanwhile, Mr Miliband banned the issue of new licences to explore new oil fields last year. The Government has continued to stand by this pledge, which aligns with the science of what is required to limit dangerous global warming.
