Statoil Finds Oil in Offshore CanadaHira Shahnawaz Akhtar
Statoil ASA (NYSE:STO) has discovered crude oil in the Bay du Nord exploration off the Canadian coastline. Approximately 300 to 600 million barrels of recoverable oil reserves were discovered in this area, which is located approximately 500 kilometers/ 300 miles northeast of St. John’s, Newfoundland and Labrador.
Figure 1: Map of Bay du Nord
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