The 7220/7-3 S wildcat well was the fifth and last well of a targeted exploration campaign begun in May 2013 to clarify additional oil potential in the area.

The JV discovered a 68m gross gas column in the targeted Sto formation and an 86m gross oil column in the Sto and Nordmela formations.

Statoil estimated total volumes in Drivis at 44-63 million barrels of recoverable oil equivalent, of which 42-54MMbbl could be oil.

The discovery itself is estimated to contain 7-10 million standard cubic metres of recoverable oil equivalent.

The well is to be permanently plugged and abandoned.

"Over the past year we have made a significant exploration effort in the Johan Castberg area," Statoil Norwegian continental shelf exploration senior vice president Irene Rummelhoff said.

"Five wells have been drilled back to back, giving us important subsurface information and a good understanding of the total resource base in the area.

"We are certainly glad to have an oil discovery in Drivis.

"However, the exploration program as a whole has not delivered on volume expectations.

"Out of the five wells drilled only two have resulted in oil discoveries."

The company plans to work closely with its JV partners to analyse the exploration program findings and what they may mean for the development of the Johan Castberg project.