The Stavanger, Norway-based firm Statoil, along with its partners, Eni Norge and Petero, discovered a new reservoir in the Barents Sea, it reported on Monday. It is the second such trove found in the past nine months.

The find, dubbed Havis, is only seven kilometers (4.4 miles) from Skrugard, which was discovered in April 2011. Between the two, Statoil estimates the total volume of recoverable oil at approximately 400-600 million barrels, the company said in a statement.

The two finds would "open up a new petroleum province" off northern Norway, Statoil chief executive Helge Lund said.

Lund said the discovery would "further boost activity in the supplier industry, providing new jobs and generating spin-off effects throughout the region."

Author: Stuart Tiffen (dpa, AFP)
Editor: Nancy Isenson