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‘Disappointing’ results: Statoil says exploration wells off Newfoundland empty
ST. JOHN’S, N.L. – Statoil says two exploration wells drilled about 500 kilometres off Newfoundland’s east coast have come up empty.
Trond Jacobsen of Statoil Canada says the results are “disappointing” as the company and its partner Husky Energy (TSX:HSE) assess next steps for drilling near the Bay du Nord field.
It’s estimated the frontier field contains about 300 million barrels of recoverable oil.
Statoil says the two exploration wells were safely drilled in the Flemish Pass Basin within tie-back vicinity of its 2013 Bay du Nord discovery.
Oil in those wells would have increased options for any potential development.
Statoil Canada President Paul Fulton says the company is still evaluating future drilling and the feasibility of a production site at Bay du Nord.
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