• 6 minutes Corporations Are Buying More Renewables Than Ever
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 23 minutes Starvation, horror in Venezuela
  • 5 mins Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 1 day Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 23 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 24 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Mike Shellman's musings on "Cartoon of the Week"
  • 2 days Venezuela set to raise gasoline prices to international levels.
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 2 days Pakistan: "Heart" Of Terrorism and Global Threat
  • 1 day Are Trump's steel tariffs working? Seems they are!
  • 2 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 17 hours Why hydrogen economics does not work
  • 6 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 16 hours China goes against US natural gas
Joao Peixe

Joao Peixe

Joao is a writer for Oilprice.com

More Info

Trending Discussions

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




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News