Norway has uncovered one of its biggest North Sea discoveries in a decade, despite Energy Secretary Ed Miliband scrapping further UK exploration.
Oil field operator Aker BP described the find as "significant", saying it could yield 134 million barrels of oil.
The discovery was made in the Yggdrasil area in the Norwegian area of the North Sea, not far from the border with British waters.
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Aker BP Ceo Karl Johnny Hersvik said it was among the "largest commercial discoveries" in Norway in the past 10 years.
He added: "Building on the momentum from the oil discovery at East Frigg in 2023, it marks a major step toward our ambition of producing more than one billion barrels from the Yggdrasil area.
"This is the result of a strong collaborative effort between our own teams and our alliance partners and a testament to how new exploration methods push the boundaries.
"We look forward to unlocking even more of the potential in this prolific area."
While Norway marks this North Sea success, a different approach is being taken by Britain.
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Norway has uncovered one of its biggest North Sea discoveries in a decade
|WIKIMEDIA
It is believed that around 180 of Britain's more than 280 oil and gas fields in the North Sea will have ceased production by 2030.
Windfall taxes put in place by the Tories and increased by Labour mean UK oil and gas extraction profits stands at 78 per cent.
However, the Government announced plans earlier this year to end the windfall tax - which was introduced in 2022 to help fund support for households struggling with rocketing energy bills - in 2030.
Mr Miliband meanwhile banned the issue of new licences to explore new oil fields last year.
The Government has continued to stand by this pledge, which is in line with the science of what is required to limit dangerous global warming.
Ed Miliband meanwhile banned the issue of new licences to explore new oil fields last year
|PA
Mike Tholen, of trade body Offshore Energies UK, told The Telegraph: “Norway is actively exploring and continues to hold annual licensing rounds for new exploration activity.
"Norway is for the most part drilling in similar geological structures to the UK, where oil and gas production in the UK has undoubtedly been severely impacted by policy decisions.”