No oil: 2 exploration wells in Flemish Pass turn up empty

A two-well exploration drill in the Newfoundland offshore has turned up empty, according to Statoil.

We will now take the time needed to evaluate the results before firming up any plans for additional drilling.- TrondJacobsen, vice-president of exploration with Statoil

The oil company and its partner Husky Energy conductedexploratory drills in the Flemish Pass Basin, about 500 kilometres east of St. John's.

A statement from Statoil on Monday said the two wells, located in in the vicinity of the 2013 Bay du Nord discovery, "did not result in the discovery of hydrocarbons."

• Statoil sees Bay du Nord development in its future
• Statoil plans 2 exploration drills in Flemish Pass Basin

"The results are disappointing, as we had hopes to add additional optionality to the near-field area at Bay du Nord," said Trond Jacobsen, vice-president of exploration with Statoil, said in a release.

"We will now take the time needed to evaluate the results before firming up any plans for additional drilling near-field to Bay du Nord."

Statoil said the volume estimates for Bay du Nord, including the Bay de Verde and Baccalieu discoveries announced last year, are still around 300 million barrels of recoverable oil.

The company's assessment of the commercial potential of the Bay du Nord discovery is ongoing, Statoil said in its release.

"We continue to evaluate the feasibility of a development at Bay du Nord."

The West Aquarius conducted the drill safely and efficiently, Statoil said.