Oil Discovery Confirmed By Statoil Offshore Canada

Published at 05:13PM - 10/06/16

Statoil and its partners have finalised a 19-month exploration drilling programme offshore Newfoundland, in Canada.

The programme included the drilling of nine wells by Seadrill West Hercules in the Flemish Pass Basin.

“We are encouraged by the discoveries in the Bay de Verde and Baccalieu wells and the results of the appraisal wells,” said Erling Vågnes, senior vice president, Statoil Exploration, Northern Hemisphere.

Oil Discovery Confirmed By Statoil Offshore Newfoundland

The drilling programme was aimed at increasing “the robustness of the Bay du Nord project and to test new areas of the Flemish Pass Basin,” the company stated.

The programme covered four exploration wells near the Bay du Nord discovery, three appraisal wells in the discovery and two exploration wells in areas outside the discovery.

As a result, two oil findings were confirmed at the Bay de Verde and Baccalieu prospects in the Bay du Nord area, adding to the resource base of the area.

“Based on the improved understanding of the Flemish Pass Basin petroleum system, we are maturing further prospects that may add volumes to Bay du Nord,” Vågnes added.

Statoil Reduces “Key Uncertainties”

The work undertaken in this drilling programme has enabled Statoil to reduce “key reservoir uncertainties” and confirmed that the volume range the oil major had initially estimated in 2013 – 300 to 600 million barrels of recoverable oil, “but potentially towards the lower end of the range”.

“The recent drilling program has been critical to Statoil’s continued assessment of Bay du Nord, and work is underway to evaluate the results related to proceeding with a potential Statoil-operated development in the Flemish Pass Basin,” Statoil Canada President, Paul Fulton, said.