July 10, 2017 / 12:48 PM / in a year

Statoil drills dry wells off Canada's Newfoundland

OSLO, July 10 (Reuters) - Norway’s Statoil and Canada’s Husky Energy have hit dry wells in a prospect off Newfoundland for which they had high hopes, Statoil said on Monday.

The companies have drilled two dry wells in the Flemish Pass geological basin, some 500 km (310 miles) east of Canada’s Newfoundland and Labrador province.

“These results are disappointing, as we had hoped to add additional optionality to the near-field area at Bay du Nord,” Trond Jacobsen, Statoils’s head exploration in Canada, said in a statement.

Bay du Nord is still estimated to hold some 300 million barrels of recoverable oil. A development of that field remains under evaluation, Statoil said. (Reporting by Terje Solsvik, writing by Gwladys Fouche)

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