Statoil has struck oil again -- this time, and again, the black gold resides off the coast of Newfoundland.

Norway's Statoil ASA announced Wednesday that its Harpoon Prospect, 500 kilometers off the coast of St. John's, Newfoundland, and operating in water 1,100 meters deep, has found a deposit of light, high-quality oil in the Flemish Pass Basin.

Commenting on the discovery, Statoil Senior Vice President for North America Erik Finnstrom observed: "While it is still too early to determine Harpoon's resource potential at this time, this is very encouraging for the area and especially for the Bay du Nord well planned for later this year." Finnstrom added that Statoil plans to conduct additional "appraisal drilling" to get a better handle on the size of the oil field it is exploring.


Statoil owns a 65% interest in the Harpoon Prospect, with the remainder owned by Canada's Husky Energy .

The article Statoil Strikes Oil Off Newfoundland originally appeared on Fool.com.

Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Statoil (ADR). Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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