Statoil announce large oil find off Canada

Associated Press

Published: Thursday, Sept. 26 2013 12:00 a.m. MDT

In this photo made Friday, Sept. 20, 2013, the country's first floating wind turbine, the University of Maine's 9,000-pound prototype, generates power off the coast of Castine, Maine. Records show Gov. Paul LePageís administration was working behind the scenes to derail Norwegian company Statoilís proposal for an offshore wind project thatís projected to bring hundreds of millions of dollars in investments to the state. (AP Photo/Robert F. Bukaty)

Robert F. Bukaty, AP

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Norwegian energy company Statoil says drilling works off the Canadian coast have uncovered a major oil field that could contain as much as 600 million barrels of recoverable crude.

Statoil says the discovery is approximately 500 kilometers (300 miles) northeast of St. John's, Newfoundland, and is the third large find made in the Flemish Pass region since June.

The company says oil from all three discoveries is approximately under 1,100 meters (1,200 yards) of water.

A company executive said Thursday that the latest discovery would bring Statoil "one step closer to becoming a producing operator in the area."

Statoil owns a 65 percent stake in the three discoveries, while Canada's Husky Energy owns the remaining 35 percent.

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