Large oil find in Norway could benefit those involved with global private wealth management

Brits concerned with global private wealth management who are looking for new investment opportunities may like to consider Norway.

That is because Norwegian energy giant Statoil has confirmed a large oil discovery, which is twice as large as previously thought, reports the Local Norway.

The Aldous Major South field in the North Sea is thought to contain between 900 million and 1.5 billion barrels of recoverable oil equivalent (boe).

As a result, Brits with private wealth who invest in the oil company could benefit from this find as the firm's shares are sure to increase in price.

Tim Dodson, Statoil's executive vice-president of exploration, is quoted as saying: "Aldous/Avaldsnes is a giant, and one of the largest finds ever on the Norwegian continental shelf."

If the oil field does contain as much as is thought, it will be the third largest in Norway behind Statfjord with 3.6 billion boe and Ekofisk with 3.4 billion boe.

Earlier this year, Statoil stated it would restart its work on its Mariner field, following a government announcement that it is increasing the annual rate of the Ring Fence Expenditure Supplement for North Sea oil companies to ten per cent, meaning these firms receive a larger tax relief than previously.
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