Statoil

Statoil and its partners have completed a 19-month drilling program offshore Newfoundland, which resulted in oil discoveries at the Bay de Verde and Baccalieu prospects in the Bay du Nord area. The discoveries add to the resource base for a potential development at the 2013 Bay du Nord discovery. The recently completed exploratory and appraisal drilling program has reduced key reservoir uncertainties and confirmed that the recoverable volumes are within the original range of 300 million to 600 million bbl of oil estimated in 2013, the company said.


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