Norway's Aker BP successfully completed exploration of the Froskelar Main well in license 869 in the Alvheim area on the Norwegian Continental Shelf, the company announced late Tuesday.
The company said the well has proved oil and gas with a gross resource estimate of 60-130 million barrels of oil equivalent.
"A part of the discovery may straddle the U.K. - Norwegian border in the North Sea," the company noted.
“The exploration success at Froskelar Main is an encouraging result of a long-term strategy to unlock the exploration potential in the Alvheim area. The discovery also illustrates the significant resource potential yet to be uncovered on the Norwegian Continental Shelf," said Evy Glorstad-Clark, senior vice president for exploration at Aker BP.
Aker BP is the operator and holds a 60 percent interest in license 869.
Other partners include Lundin Norway and Var Energi each with a 20 percent share.
By Murat Temizer