Shares of Statoil ASA (NYSE:STO) are soaring today on news the company found a major gas and oil field at the Skugard prospect in the Barents Sea.
The largest oil company in Norway said it may be the most important discovery in Norway in over 10 years.
According to Statoil, the field could hold as much as 250 million barrels of recoverable reserves.
Being partners with Statoil, shares of Hess (NYSE:HES), Total SA (NYSE:TOT), ENI SpA (NYSE:E) were also all up today in response to the find.
Statoil was trading at $28.59, gaining $0.95, or 3.44 percent, as of 2:42 PM EDT. Total was at $61.73, rising $0.76, or 1.25 percent. Eni S.p.A. was trading at $50.16, up $1.03, or 2.10 percent. Hess was at $86.85, gaining $1.64, or 1.92 percent.
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