UPDATE 3-Statoil plans more Canada exploration after big find

Thu Sep 26, 2013 11:40am EDT
 
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* May return to prospects in 2015

* Could add NOK 1-3 to value of Statoil shares

* Biggest Statoil-operated find outside Norway

* Shares up 1.2 crowns

By Balazs Koranyi and Henrik Stolen

OSLO, Sept 26 (Reuters) - Norway's Statoil ASA has made its biggest oil discovery beyond Norway in the seas off Canada's East Coast and said the region could become a major oil producer after 2020.

The latest find, in the Bay du Nord field of the Atlantic Ocean, northeast of the city of St. John's, Newfoundland, is near two previous Statoil discoveries. Statoil said it expects to return to the field in 2015 with more wells as it has already identified more potential for oil.

In a venture with Canadian partner Husky Energy Inc , state-controlled Statoil said it had found between 300 million and 600 million barrels of recoverable oil about 500 kilometres (300 miles) off the coast of the Canadian province of Newfoundland and Labrador.

"This is the biggest Statoil-operated oil discovery outside Norway, so it's a pretty big day for us," Statoil exploration chief Tim Dodson said on Thursday.   Continued...