Statoil announces large oil discovery off Canada

Statoil (STO) discovers up to 600M barrels of recoverable oil at its Bay du Nord prospect offshore Canada, its third discovery in a potential new core production area.

The discovery in the Flemish Pass Basin off Newfoundland was first announced in August, but STO said a sidetrack well drilled this week had confirmed the significance of the find.

STO previously made the Mizzen discovery in the same area, expected to hold 100M-200M barrels of recoverable oil, and the Harpoon discovery, which is still under evaluation.

The Norwegian company is the operator of the discovery and holds a 65% stake; Husky Energy (HUSKF.PK) owns the remaining 35%.

STO +1.5% premarket.

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Comments (3)
  • Michael Fitzsimmons
    , contributor
    Comments (11851) | Send Message
    Nice. STO's 65% stake (Husky has 35%) means this could be up to 390 million barrels for the company, which qualifies this as a "high impact" discovery. More on Bay du Nord, Mizzen, and Harpoon:

    26 Sep 2013, 08:49 AM Reply Like
  • saratogahawk
    , contributor
    Comments (2566) | Send Message
    Just another confirmation that the offshore potential is huge worldwide. It takes specialized equipment and the right people to get this oil out of the ocean and to market. I am long in the offshore drillers SDRL, RIG, etc.
    26 Sep 2013, 09:34 AM Reply Like
  • Veritas1010
    , contributor
    Comments (3406) | Send Message
    Under $23 STO is thieft.
    27 Sep 2013, 11:34 AM Reply Like
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