• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 47 mins Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 7 hours Tesla Launches Faster Third Generation Supercharger
  • 51 mins EU has already lost the Trump vs. EU Trade War
  • 8 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 48 mins ''Err ... but Trump ...?'' #Humph
  • 10 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 2 hours China's Renewables Boom Hits the Wall
  • 22 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 17 hours Climate Change Consensus Shifts in Wind, But Gas Is Still the Right Move
  • 23 hours Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 21 hours Does .001 of Atmosphere Control Earth's Climate?!
  • 22 hours Trump Interview On Farage's Radio Show #classy
Alt Text

What The Market Is Overlooking In The Occidental Deal

Occidental Petroleum has caught a…

Alt Text

The Worst Oil Trades Ever Made

Wall Street is full of…

Joao Peixe

Joao Peixe

Joao is a writer for Oilprice.com

More Info

Premium Content

Statoil Makes 3rd Find Offshore Canada

Three recent oil discoveries in the Bay Du Nord off eastern Canada may be the answer to commercial viability for Norway’s Statoil in the region.

Last week, Statoil ASA (STL) announced its third find in the Bay du Nord in Canada’s Flemish Pass Basin, which is estimated to hold between 300 million and 600 million barrels of recoverable oil.

The sidetrack well has confirmed that the find is a “high-impact” one.

The first discovery in this license came in August.

Related article: Big Oil Moves North Despite Climate Woes

But the real story here is what this means for existing prospects and future prospects in the area. The three finds in Bay du Nord make the potential for the nearby fields of Mizzen and Harpoon much more attractive. And there’s a lot more to explore.

“There are other parts of the structure which are regarded as prospective and not included in the volumes we quoted,” Head of Exploration Tim Dodson told Bloomberg. “And there are other prospects over and beyond that in the license.”

Dodson also noted that the three license areas could end up being developed jointly due to their geographical proximity.

Statoil has is the operating partner in all three licenses, with a 65% stake. Its partner, Husky Energy Inc. (HSE) has a 35% stake. Mizzen is believed to hold between 100 million and 200 million barrels.

Related article: These Guys Won't Stand For U.S. LNG Exports

Statoil is eyeing commercial viability here because of the multiple finds and the picture this paints for some hefty potential, with the only drawback being the availability of the right kind of rigs for drilling in this environment.

The good news for Statoil comes as Norway’s newly elected Conservative-led government considers whether to divest 16% of its stake in Statoil to raise $11 billion, and while the oil giant prepares to sell some of its North Sea assets to Austria’s OMV.

By. Joao Peixe of Oilprice.com




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play