Statoil announces new oil find off Canadian coast

AP News
Posted: Sep 27, 2013 12:50 PM

HELSINKI (AP) — Norwegian energy company Statoil ASA says it has made another "significant" discovery of crude oil off the Canadian coast in the Flemish Pass.

The company said Friday it was the second find in two days in the Bay du Nord prospect, 500 kilometers (300 miles) northeast off Newfoundland, but did not estimate its size.

On Thursday, Statoil announced that its Canadian unit and partner Husky Energy had made its first Bay du Nord exploration estimated at between 300 and 600 million barrels of recoverable oil.

The company said the new finds confirm that the Flemish Pass has the potential of becoming a core producing area for Statoil after 2020.