The company is hoping to drill two additional wells at the site and possibly more in the later years of the decade.
Located in the Flemish Pass about 310 miles East of St. John’s, Newfoundland, the discovery comes a day after the company was awarded 26 leases in the Gulf of Mexico.
With the addition of the new leases, Statoil is now holding over 350 leases in the Gulf of Mexico.
Statoil senior vice president of Exploration for Statoil in North America said the lease additions underscore the company’s commitment to increased investment in North America, which it sees as a core region for long-term growth.
Controlled by the state of Norway, Statoil now aims to triple its North American oil and natural gas production by 2020.
"The resource base in North America has grown well above 6 billion boe, representing around 30 percent of Statoil’s total resource base," said Statoil North America president Bill Maloney.
Statoil is exploring the option of more acquisitions to fuel further growth in the region.
