Statoil Completes Two-well Exploration Drilling Campaign Off Newfoundland
“These results are disappointing, as we had hoped to add additional optionality to the near-field area at Bay du Nord,” said Trond Jacobsen, vice president, Exploration, Statoil Canada.
“We will now take the time needed to evaluate the results before firming up any plans for additional drilling near-field to Bay du Nord.”
The volume estimates for Bay du Nord, including the Bay de Verde and Baccalieu discoveries announced in 2016, remain an estimated 300 million barrels of recoverable oil, as previously announced after Statoil’s 2014-16 drilling campaign.
“We continue to evaluate the feasibility of a development at Bay du Nord,” said Paul Fulton, president, Statoil Canada. “While these results mean a reduction in optionality for a potential project development, we continue to work on this project.”