Statoil: Results dry in two-well exploration program off Newfoundland and Labrador

Statoil ASA and partner Husky Energy Inc. have finalized a two-well exploration drilling program in the Flemish Pass basin offshore Newfoundland and Labrador. The wells, both within tie-back vicinity to Statoil’s 2013 Bay du Nord discovery, were dry holes.

Statoil last year completed a nine-well drilling program in the frontier area that resulted in two oil discoveries with the Bay de Verde and Baccalieu prospects in the Bay du Nord area (OGJ Online, June 13, 2016).

These most recent wells were drilled by the Seadrill Ltd.’s West Aquarius semisubmersible drilling rig about 500 km east of St. John’s, Newfoundland and Labrador.

“These results are disappointing, as we had hoped to add additional optionality to the near-field area at Bay du Nord,” said Trond Jacobsen, Statoil Canada vice-president, exploration. “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,” he said.

The volume estimates for Bay du Nord, including the Bay de Verde and Baccalieu discoveries, remain an estimated 300 million bbl of recoverable oil.