Norway: Statoil makes largest North Sea find ‘for 30 years’ - by Gareth Corfield.

"Norway has not seen a similar oil discovery since the mid-'80s," said Tim Dodson, Statoil's executive vice president for exploration. The new oilfield is connected to the Aldous and Avaldsnes prospects, meaning that the total yield of all fields is expected to be between 500 million and 1.2 billion barrels of oil.

Although Statoil had announced the discovery of a new profitable field off the NCS over a week ago, it only recently found out that this new field was linked to existing prospects, making recovery of the oil a much more attractive proposition than previously.

The well was drilled by the Transocean Leader drilling rig, which discovered a 65-metre oil column in Aldous Major South well 16/2-8 in the North Sea. Oil from the well is said to be of good quality, contained in Jurassic sandstone.

For more: Statoil makes largest North Sea find ‘for 30 years’ / News / The Foreigner — Norwegian News in English.

Britain: Government Coalition faces Lib Dem revolt on euro 11.39 North Sea oil tax

Osborne is facing a Liberal Democrat rebellion over his euro 11.39 billion (£10b) tax raid on North Sea oil revenues, as industry leaders condemned the measure, claiming it would cost investment and jobs in Scotland.

A backlash against the windfall tax saw splits open up in the Conservative/Lib Dem coalition, while the oil companies lined up to attack the proposal, seen as the key announcement in the Chancellor's Budget this week.

Malcolm Bruce, the Lib Dem MP for Gordon, vowed to speak to Treasury ministers about the tax, adding: "I am certainly not going to support this measure".Osborne is facing a Liberal Democrat rebellion over his £10 billion tax raid on North Sea oil revenues, as industry leaders condemned the measure, claiming it would cost investment and jobs in Scotland.

For more: Coalition faces Lib Dem revolt on £10bn oil tax - Scotsman.com