ConocoPhillips on Tuesday announced a new oil find offshore Norway that it estimated could generate between 75 million and 200 million recoverable boe.

Norway

It marked the second “significant” discovery in the region in as many months, the company said, building upon earlier successes near Norway.

The latest discovery well was drilled in 1,165 feet of water to a total depth of 7,149 feet by the Leiv Eiriksson rig, Houston-based ConocoPhillips said. The find is located on the Slagugle prospect, roughly 14 miles northeast of the Heidrun field in the Norwegian Sea.

The company said it had amassed extensive data and that a future appraisal would determine potential flow rates as well as the reservoir’s ultimate resource recovery and potential development plan.

ConocoPhillips...