ST. JOHN'S, NEWFOUNDLAND--(Marketwire -06/20/12)- Statoil (STL.OL) (STO) Statoil's Mizzen discovery offshore Newfoundland and Labrador, Canada has resource volumes in the range of 100-200 million barrels of recoverable oil equivalents.
"We have proven there is a petroleum system in the area and that the Mizzen discovery has potential to create value for Statoil," explains Erik Finnstrom, senior vice president of Statoil's Exploration North America. "We are now assessing the discovery to determine how and when it can be economically developed."
Finnstrom believes the discovery demonstrates Statoil's exploration strategy to early access new areas, like the Flemish Pass Basin, is paying off.
"Our focus is to define the resource potential of the Flemish Pass Basin by continuing to test high-impact oil prospects on our land holdings and to continue to build this area as a core exploration region for the company. From 2012 to 2013, we will drill two new wildcat wells in the area and potentially additional wells in 2014 and beyond."
Atle Aadland, vice president of Statoil Canada's offshore operation, explained that Statoil has high ambitions for offshore Newfoundland. "This is good news and an important step in Statoil's journey to become a producing operator offshore Canada."
In 2009, Statoil discovered oil while drilling Mizzen O-16, about 500 kilometres east of St. John's, Newfoundland. The water depth is 1,100 metres. An appraisal well was drilled late 2011. Both wells were drilled by Transocean's deepwater semi-submersible rig Henry Goodrich. Statoil was awarded a Significant Discovery License (SDL) for Mizzen (SDL 1047, 1048) from the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB).
Statoil is the operator of Mizzen F-09 (65%) with partner Husky Energy.
Statoil currently owns an interest in several exploration, development and production licences offshore Newfoundland. The company is also a partner in the Hibernia and Terra Nova producing fields as well as in the development of the Hebron and Hibernia Southern Extension fields.
Statoil is an international energy company with operations in 36 countries. Building on 40 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. Statoil is headquartered in Norway with 21,000 employees worldwide, and is listed on the New York and Oslo stock exchanges. More information on www.statoil.com.
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