OSLO (Reuters) – Equinor discovered an oil field that could hold as much as 62 million barrels off Norway’s coast, according to the energy giant.

It said that the sixth domestic water discovery by the state-controlled company was made just north of Tyrihans’ field, and west of Kristin development, in the Norwegian Sea.

Equinor aims to locate resources near oil and gas fields already operating, thereby speeding up their development and maximising its investment value.

Equinor stated in a statement that future value will be largely created by increased recovery of existing fields and the connection to new discoveries near existing infrastructure.

According to the company, “such near-field discoveries can be profitable and robust against volatility in oil (and gas) prices. They have a shorter payback period, low emissions, and they are very lucrative.”

Equinor announced that it would also be investing in renewable energy as the oil industry faces increasing pressure to switch to lower-carbon fuels. However, the development of any new fossil fuel runs contrary to U.N. Climate talks that will take place in two weeks, Glasgow, Scotland.

According to the International Energy Agency (IEA), there must be a halt to new investment in oil and gas within one year.

Equinor, its partners and Equinor dubbed the well ‘Egyptian Vulture.’ The preliminary analysis revealed that the well contained light-oil, which is well-suited for refiners.

The oil contained anywhere from 3 to 10 million cubic meters of recoverable crude oil. This corresponds to 19 million to 62 million barrels.

The company stated that the discovery would be evaluated and compared to the existing areas.

Longboat Energy owned a 15% interest and Poland’s PGNiG held 30%. The remaining 55% is held by Operator Equinor.