Statoil and Canadian co-venturer Husky Energy have announced that the first Bay du Nord exploration well, offshore Canada, has discovered between 300 and 600 million barrels of oil recoverable.
The Bay du Nord discovery consisting of 34 API gravity oil under 1,100 metres of water is the biggest oil find by Statoil outside Norway.
The field is located approximately 500 kilometres northeast of St. John's, Newfoundland and Labrador, Canada and was announced in August.
"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," said Tim Dodson, executive vice president of Statoil Exploration.
It is Statoil's third discovery in the Flemish Pass Basin, after two discoveries called Harpoon and Mizzen. Harpoon is still under evaluation but the Mizzen discovery is estimated to hold a total of 100-200 million barrels of oil recoverable.
Statoil is the operator of Mizzen, Harpoon and Bay du Nord with a 65 per cent interest. Husky Energy has a 35 per cent interest.