Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
HELSINKI (AP) - Norwegian energy company Statoil ASA says it has made another "significant" discovery of crude oil off the Canadian coast in the Flemish Pass.
The company said Friday it was the second find in two days in the Bay du Nord prospect, 500 kilometers (300 miles) northeast off Newfoundland, but did not estimate its size.
On Thursday, Statoil announced that its Canadian unit and partner Husky Energy had made its first Bay du Nord exploration estimated at between 300 and 600 million barrels of recoverable oil.
The company said the new finds confirm that the Flemish Pass has the potential of becoming a core producing area for Statoil after 2020.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
