Major Oil Discovery Off Newfoundland Coast could Hold up to 600 million barrels

CTV News reported that Statoil Canada Exploration has made a new major oil discovery off the coast of Newfoundland. Though production is no expected until after 2020, Statoil and Calgary-based Husky Energy have identified a reservoire of light crude that could hold between 300 million and 600 million barrels of recoverable oil.

According to the report:

Statoil, an international Norwegian energy firm, announced with its Calgary-based partner Husky Energy (TSX:HSE) a reservoir of light crude believed to hold between 300 million and 600 million barrels of recoverable oil.

It was discovered in August while drilling in depths of about 1,100 metres of water in an area known as the Bay du Nord prospect, about 500 kilometres northeast of St. John’s, Richardsen said.

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