New discoveries have led to millions of cubic meters of possible oil recovery.

After finding gas deposits in the North Sea, an energy company may begin harvesting petroleum from rocks dating back to the Middle Jurassic period. The company, Statoil, discovered the deposits in a section of rock known as The Tarbert Formation, which reportedly contains two levels of gas columns in its upper section. The combined 26 meters of deposits offers "good to moderate reservoir properties," according to Natural Gas Europe.

The article said that the Songa Delta drilling facility drilled its fourth exploration well 3,313 meters underwater. This included work on the Ness formation, a "water-bearing" site. These most recent discoveries have led to an estimate of as many as 3 million cubic meters of "recoverable oil equivalents" at the well site.

"There's an estimate of as many as 3 million cubic meters of 'recoverable oil equivalents' at the well site."

The Norwegian Petroleum Directorate lists the Tarbert and Ness formations as part of the Brent Group, which contains myriad minerals. Though both formations are comprised of different types of sandstones, the Ness is described as having a greater variety, with "an association of coals, mudstones, siltstones and fine to medium sandstones." The Tarbert is also connected to a coal-bearing shale.

Earlier this month, Statoil also secured plans for a drilling program around Newfoundland, including nine wells placed in the area. Following on drilling programs from previous years, Statoil Canada President Paul Fulton said that the company has continued interest in the Bay du Nord region as well, according to Scandinavian Oil & Gas Magazine. This area has multiple possibilities for oil-based development, stemming from recent discoveries.

To safeguard their future expansions, offshore oil and gas businesses may need to take a second look at the insurance coverage they currently use to decide on a more accurate policy.

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