Norwegian energy company Statoil says drilling works off the Canadian coast have uncovered a major oil field that could contain as much as 600 million barrels of recoverable crude.
Statoil says the discovery is approximately 500 kilometers (300 miles) northeast of St. John’s, Newfoundland, and is the third large find made in the Flemish Pass region since June.
The company says oil from all three discoveries is approximately under 1,100 meters (1,200 yards) of water.
A company executive said Thursday that the latest discovery would bring Statoil “one step closer to becoming a producing operator in the area.”
Statoil owns a 65 percent stake in the three discoveries, while Canada’s Husky Energy owns the remaining 35 percent.