Statoil Finishes Canadian Exploration Program by Finding Oil

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Statoil and its partners have finished a 19-month exploration program offshore Newfoundland. The drilling program was rewarded with two oil findings.

In the Bay du Nord area, oil was found at the Bay de Verde and Baccalieu prospects. These findings add to the resource base for a possible development at the Bay du Nord discovery. The program incorporated four exploration wells near the 2013 Bay du Nord discovery and three appraisal wells on the discovery itself. Additionally, two exploration wells were inserted in places outside of the Bay du Nord discovery.

The near-field exploration and appraisal of the discovery has decreased key reservoir hesitations and proved that the volumes are within the original range of the 300 to 600 million barrels of recoverable oil originally predicted by Statoil in 2013.

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

Vågnes also said, “The Flemish Pass Basin offshore Newfoundland is a frontier area, where only 7 wells have been drilled in the entire basin,” he finished, “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.”

Article written by HEI contributor Briana Steptoe.

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