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Statoil makes oil discovery in outer Moray Firth

Norway’s Statoil said on Monday it has made an oil discovery in the outer Moray Firth. According to preliminary estimates, the new discovery could hold from 25 million to 130 million barrels.

The Norwegian group holds a 70 percent stake in the project. The other two partners Jersey Oil and Gas and CIECO Exploration and Production own 18% and 12% respectively.

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