Statoil Completes Canada Exploration Program, Finds Oil

Statoil, along with its partners, has finalized a 19-month exploration drilling program offshore Newfoundland, which resulted in two oil discoveries.

Oil was discovered at the Bay de Verde and Baccalieu prospects in the Bay du Nord area, both of which add to the resource base for a potential development at the Bay du Nord discovery. The drilling program included four exploration wells in close vicinity of the 2013 Bay du Nord discovery, as well as three appraisal wells on the discovery. In addition, two exploration wells were drilled in areas outside the Bay du Nord discovery.

The appraisal and near-field exploration of the discovery has reduced key reservoir uncertainties and confirmed that the volumes are within the original volume range of the 300 to 600 million barrels of recoverable oil initially estimated by Statoil in 2013.

“We are encouraged by the discoveries in the Bay de Verde and Baccalieu wells and the results of the appraisal wells,” said Erling Vågnes, senior vice president, Statoil exploration, northern hemisphere, in a company statement.

“The Flemish Pass Basin offshore Newfoundland is a frontier area, where only 17 wells have been drilled in the entire basin…This drilling campaign has been critical both to maturing the Bay du Nord discovery as well as evolving our knowledge of the greater basin and Newfoundland offshore – which remains a core exploration area for Statoil,” he added.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Japanís NYK Completes Acquisition of 2... (Sep 30)
 -  Keppel FELS Delivers Floatel Triumph, ... (Sep 30)
 -  NOPSEMA Seeks More Details on BP's Gre... (Sep 29)
 -  WFS Appoints IMEC as Agent in Malaysia... (Sep 29)
 -  Oil Industry Teams Up to Fight Cyber-C... (Sep 29)


Most Popular Articles

From the Career Center
Jobs that may interest you
Marine Electrician Helper
Expertise: Electrician|Rig Electrician
Location: Port Fourchon, LA
 
Derrickhand
Expertise: Derrickman
Location: New Iberia, LA
 
Motorhand
Expertise: Motorman
Location: New Iberia, LA
 
search for more jobs

Brent Crude Oil : $49.24/BBL 1.12%
Light Crude Oil : $47.83/BBL 1.65%
Natural Gas : $2.959/MMBtu 0.23%
Updated in last 24 hours