Statoil has made its third oil find off Newfoundland – paving the way for potentially more discoveries in the region.
The find, in the Bay du Nord prospect 500km north of Labrador, is the second in the region since June, with both just kilometres away from the 200million barrel Mizzen discovery made in 2010.
Now the Norwegian giant is to conduct further appraisal drilling in the region as it looks to establish the geology and potential of the Flemish Pass basin.
“The success of Bay du Nord is the result of an ambitious and targeted drilling campaign in the basin,” says Statoil exploration vice president Tim Dodson.
“This discovery is very encouraging.
“The Flemish Pass Basin is a strategic part of Statoil’s global exploration portfolio. We are now planning to return to the area for further appraisal drilling in the future.”
The wells were drilled by the West Aquarius semi-submersible rig, in around 1100m of water.
Statoil is operator of the fields, with a 65% interest, alongside partners Husky Energy.
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