Ecuador court gives green light for Silvercorp, Salazar’s El Domo project
The ruling removes the last major obstacle for the $250 million project, located 150 km northeast of Guayaquil.
News of a major oil find about 500 kilometres northeast of Newfoundland’s capital city, St. John’s, has sent a seismic-like jolt through the Atlantic Canadian energy sector.
Although potential production at the Bay du Nord discovery is not expected until after 2020, the announcement was welcomed in a province that leans heavily on offshore earnings.
“This is obviously a fantastic development and not just for Newfoundland-Labrador, but for the entire Atlantic region,” Phillip Knoll, president and chief executive officer of Corridor Resources Inc. of Halifax, said in an interview with The Chronicle Herald.
Statoil, the Norwegian oil major and its Calgary-based partner Husky Energy (TSX:HSE) said in a separate statement the reservoir of light crude is believed to hold between 300 million and 600 million barrels of recoverable oil.
“This is among the 12 biggest discoveries over the last three years,” the oil firm said, adding it is also the largest ever done outside of Norway.
Statoil is the operator of the Mizzen, Harpoon and Bay du Nord prospects with a 65% stake on them.
Husky, which holds a 35% in the venture, is Canada’s third largest integrated oil and gas company. It has 15 exploration licences and 23 significant discovery areas in offshore Newfoundland and Labrador.
* Learn more about the discovery
5 Comments
LAMB
Good for Newfoundland. Here’s hoping that they have the foresight to build their own refinery and sell products Globally instead of tying themselves to the USA. Europe would love to get their hands on a good supply just across the ocean.
Bong bong ping
Better that the Canadians have the profits from this than more to the “RAG HEADS”! Congralations there you “LIMEYS” Ha-Ha!!!!!!!!!!
Wayne T
Know the Federal Government under the harper regime – They will screw that up like they always do if they can get their fingers in it
KDM
Good for Newfoundland and Atlantic Canada its time they get something going there way. Canada is one of the richest countries in the world for natural resources and a great place to do business and the Harper goverrnment is all for prosperity. Hope the Newfoundland people never forget what the liberal government of Trudeau did to their cod industry and livelyhood
Prepper
600 million barrels…world wide consumption = 88 million barrels a day…that’s almost a week’s worth of oil…BIG DEAL!