Newspaper article The Canadian Press

Statoil Confirms Two New Oil Discoveries off Newfoundland and Labrador

Newspaper article The Canadian Press

Statoil Confirms Two New Oil Discoveries off Newfoundland and Labrador

Article excerpt

Two new oil discoveries off Newfoundland

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ST. JOHN'S, N.L. - Statoil says a 19-month drilling campaign in the Flemish Pass off the coast of Newfoundland resulted in two discoveries of oil in the Bay du Nord area.

The Norwegian company says in a statement the discoveries, at the Bay de Verde and Baccalieu prospects, have reduced uncertainty about the commercial potential of the field.

Reserves for the Bay du Nord site were originally estimated between 300 and 600 million barrels, and Statoil says it appears the final volumes will be at the lower end of that range.

Nine wells were drilled near the discovery, about 500 kilometres east of St. John's, N.L. Only 17 wells in total have been drilled in the Flemish Pass Basin, a harsh environment.

A senior vice-president for Statoil Exploration said the company was encouraged by the new discoveries. …

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