North Sea find 'could contain 130 million barrels of oil'
Statoil described the discovery as 'encouraging' but said more work had to be done.
A new oil discovery in the North Sea could contain up to 130 million barrels.
Statoil described the find in the Outer Moray Firth as "encouraging" but said significant work lay ahead.
The Norwegian energy giant believes it could contain between 25 and 130 million barrels of oil.
Jez Averty, senior vice-president of exploration for Statoil, said: "This is an encouraging result.
"We have proven oil in good quality sands with good reservoir properties but significant work remains, most likely including appraisal to clarify the recoverable volumes and to refine this range."
"This discovery proves that there could be significant remaining potential in this mature basin," he added.
Scottish oil and gas was worth £17.5bn last year and production rose 2.9%, largely as a result of projects commissioned before the oil downturn.
Production has plummeted over the last two decades, however, from 179 million tonnes in the 1998/99 financial year to 74.7 million tonnes in 2016/17.
Tax revenues also fell to -£312m last year and concerns have been raised over the North Sea's future, despite a steady rise in the value of oil.