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- It is interesting that the group opens up a new oil region off the coast of Newfoundland. It brings us one step closer to becoming an operator offshore Canada, mobile iron says Tim Dodson, executive vice president for Exploration in Statoil.
A previous findings in the area is estimated to contain between 100 and 200 million barrels of recoverable oil, while a third discovery is still under evaluation. The findings are made of around 1,100 meters.
- Since we have only drilled a few wells in a large licensed area, which in total covers about 8,500 square kilometers, it requires more work before licensees may consider an optimal development solution, adding to Dodson.
The three findings lies in the Flemish Pass Basin, about 500 kilometers east of Newfoundland in Canada. Statoil is the operator of Bay du Nord and has a stake of 65 percent. The remaining 35 percent is owned by Canadian Husky Energy. ( NTB)
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