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Page added on September 26, 2013

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Statoil Find Significant Oil Offshore Canada

Geology

Statoil and its partner Husky Energy have made a significant oil discovery offshore Canada, the Norwegian oil major confirmed Thursday. Statoil said its first Bay du Nord exploration well has found is between 300 and 600 million barrels of recoverable oil.

Although Bay du Nord was originally discovered in August a sidetrack well was completed this week, confirming a high-impact discovery. The oil is light, with API gravity at 34 degrees, and exists in “excellent” Jurassic reservoirs with high porosity and high permeability, Statoil said. Additional prospective resources have also been identified.

The Bay du Nord discovery – located approximately 300 miles northeast of St John’s, Newfoundland and Labrador – is Statoil’s third discovery in the Flemish Pass Basin. The Mizzen discovery (announced in 2010) is estimated to hold between 100 and 200 barrels of oil, while the Harpoon discovery (announced in June) is still under evaluation.

Statoil Exploration Executive Vice President Tim Dodson commented in a company statement:

“It is exciting that Statoil is opening a new basin offshore Newfoundland. This brings us one step closer to becoming a producing operator in the area.

“With only a few wells drilled in a large licensed area, totalling about 8,500 square kilometres [3,250 square miles], more work is required. This will involve new seismic as well as additional exploration and appraisal drilling to confirm these estimates before the partnership can decide on an optimal development solution in this frontier basin.”

Statoil is the operator of Mizzen, Harpoon and Bay du Nord with a 65-percent interest. Husky has a 35-percent stake.

Statoil is also involved in the Canadian Arctic with Chevron as its partner.

RIGZONE



9 Comments on "Statoil Find Significant Oil Offshore Canada"

  1. BillT on Thu, 26th Sep 2013 2:42 pm 

    500 Million barrels = 30 days US consumption. This would not even have been mentioned before Peak Oil.

  2. GregT on Thu, 26th Sep 2013 9:45 pm 

    More good news from Rigzone. Invest in oil and gas now. You too, can be rich.

    I mean honestly, who cares about food, water, or the rest of the entire planet, when you could have a big bank account instead?

  3. MrEnergyCzar on Fri, 27th Sep 2013 12:23 am 

    I assume they mean 300 billion…

    MrEnergyCzar

  4. Newfie on Fri, 27th Sep 2013 1:43 am 

    Well… It’s big money for StatOil. But… It just a few drops in the bucket for world oil consumption. And another pool of oil will be burned up.

  5. DC on Fri, 27th Sep 2013 3:34 am 

    Guess how long it will take to extract that pitiful amount. A decade at a least is probably a reasonable estimate.

  6. GregT on Fri, 27th Sep 2013 5:06 am 

    As a Canadian citizen, I eagerly await my share of the spoils, but I’m not holding my breath.

  7. Luke on Fri, 27th Sep 2013 9:02 am 

    300 – 600 million barrels reserve is even not a MEGA field. The real question is the rate of this field which can deteriorate quickly in deep sea. This “great” discovery even tells us how desperate Big Oil is. Because they hit long time ago the peak new mega fiels and so will hit peak oil soon.
    Mankind will await a lot of trouble then.

  8. KingM on Fri, 27th Sep 2013 10:35 am 

    “500 Million barrels = 30 days US consumption. This would not even have been mentioned before Peak Oil.”

    No kidding. That’s only 5 billion dollars. Who can be bothered? Why, I’ve got more spare change in my couch cushions.

  9. GregT on Fri, 27th Sep 2013 2:59 pm 

    “That’s only 5 billion dollars.”

    THIS is exactly why we are in so much trouble. We equate the natural environment to paper money. If we keep doing what we are, that is all that we will have left, paper money. When the natural environment has finally been exhausted, money too, will lose all of it’s redeeming value, and THAT day is coming soon enough.

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