• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 12 hours Norway horrified as new rates make EV charging prices higher than petrol
  • 5 hours 60 mph electric mopeds
  • 3 hours US-China tech competition accelerates: on Friday 05/15 new sanctions on Huawei, on Monday 05/18 Samsung chief visits China
  • 2 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 5 hours China to Impose Dictatorship on Hong Kong
  • 11 mins Payback Time: Republican Senators turn the tables on Democrats. The difference is the Republican investigations are legit.
  • 3 hours Iran's first oil tanker has arrived near Venezuela
  • 9 hours Why 2030-Isn.t-The-Magic-Year-For-Electric-Vehicles
  • 12 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 13 hours DEFIANCE – There are More of Us Than Them
  • 12 hours Ventura County to Replace Natural Gas Generation with Battery Storage
  • 13 hours Trumpe will win next election, hands down.
  • 17 hours Let’s Try This....
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