Statoil says exploration drilling to begin off Newfoundland in summer

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ST. JOHN'S, N.L. - Norwegian energy firm Statoil says it will begin exploration drilling off Newfoundland later this year.

The company says the drilling will take place some time likely between July and September.

Statoil announced last fall that it had discovered a reservoir of light crude believed to hold between 300 million and 600 million barrels of recoverable oil while drilling in an area known as the Bay du Nord prospect, about 500 kilometres northeast of St. John's.

It was the third find in the Flemish Pass Basin in the North Atlantic and was described as the 12th largest oil discovery in the world in the past four years.

So far no details have been released on how much the company will spend on the drill program or on how many jobs it will create.

Organizations: Statoil

Geographic location: Newfoundland, ST. JOHN'S, North Atlantic

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