Statoil finds oil in Newfoundland offshore, 500 km northeast of St. John’s

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ST. JOHN’S, N.L. – Statoil has discovered crude oil in the Flemish Pass Basin in the North Atlantic, marking the third time it has made such a find in Newfoundland’s offshore.

The Norwegian energy company says it made the discovery while drilling in depths of about 1,100 metres of water in an area known as the Bay du Nord prospect, about 500 kilometres northeast of St. John’s.

In June, Statoil announced it detected oil at the Harpoon prospect, which is about 10 kilometres away from Bay du Nord.

The amount of oil both areas hold is being evaluated.

In 2010, Statoil found oil 20 kilometres north of Bay du Nord in a discovery known as Mizzen, which is estimated to hold between 100 million and 200 million barrels of crude.

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