ConocoPhillips announced a new oil discovery in the Norwegian Sea on Tuesday.
Preliminary estimates place the size of the discovery between 75 million and 200 million barrels of recoverable oil equivalent.
ConocoPhillips Skandinavia AS is the operator of the license area with a majority 80% working interest and Pandion Energy AS holds the remaining 20% share.
Matt Fox, executive vice president and chief operating officer said the discovery marks the fourth successful exploration well on the Norwegian Continental Shelf in the last 16 months.
"All four discoveries have been made in well-documented parts of the North Sea and the Norwegian Sea and offer very low cost of supply resource additions that can extend our more than 50-year legacy in Norway."
The discovery well was drilled in 1,165 feet of water to a total depth of 7,149 feet.
By Murat Temizer