Statoil announces significant oil discovery offshore Canada Statoil Canada and co-venturer Husky Energy have announced that the first Bay du Nord exploration well has discovered between 300M-600M barrels of oil recoverable. The Bay du Nord discovery is Statoil's third discovery in the Flemish Pass Basin. The Bay du Nord well encountered light oil of 34 API and excellent Jurassic reservoirs with high porosity and high permeability.
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