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Statoil Finds Oil in Offshore Canada

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Hira Shahnawaz Akhtar
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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

Statoil Finds Oil in Offshore Canada

 

A discovery had already been announced in August in the Bay du Nord area and a sidetrack well was dug to confirm the quantity of reserves available. The well was completed this week, confirming the existence of significant...

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Hira is a financial analyst whose expertise lies in commodity and other financial markets. Hira is currently an independent financial consultant and is working with many international firms like American Arab Solutions (AAS). She has previously served as a Senior Research Analyst at Alternate Research (Pvt.) Ltd. as the Team Leader for the International Equities Research. She has also worked as an equities analyst of Pakistani E&P stocks at Invest Capital Markets. She has experience in business development and conducting feasibility studies in commodity markets, specifically in sugar, palm oil and canola oilseeds. She has cleared all three levels of her CFA (Chartered Financial Analyst) and has an undergraduate degree in Finance.