Canadian Manufacturing

Statoil plans to drill two exploration wells off coast of Newfoundland

by The Canadian Press   

Canadian Manufacturing
Environment Operations Oil & Gas

Two months after the Norwegian energy giant sold off its remaining oilsands operations, it's looking for oil off the East Coast

ST. JOHN’S, N.L.—Statoil is planning to drill two exploration wells in the Flemish Pass Basin east of Newfoundland later this year.

The Norwegian energy giant’s announcement Feb. 7 builds upon a light oil discovery in 2013 in the Bay du Nord offshore reservoir, about 500 kilometres northeast of St. John’s, N.L.

The drilling program comes two months after the company sold off all of its oilsands operations to Athabasca Oil Corp.

Statoil is a major player in Newfoundland’s offshore oil sector.

It has a nine per cent stake in the Hebron project, a five per cent share in Hibernia and a 15 per cent stake in Terra Nova.


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