We’re an active player in Canada—one of the most resource-rich countries in the world with the third-largest proven crude oil reserves globally. East Coast Canada licenses are high priority within our global portfolio.
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How to find us in Canada
Leading a new offshore era
We have been present offshore Newfoundland and Labrador since 1996, when Norsk Hydro first acquired assets. Through our operating and partner fields, we are making significant investments in Canada’s offshore industry. Our ambition is to become an operator offshore East Coast Canada.
In 2015, we strengthened our long-term position in the Canadian offshore by acquiring six exploration licenses in the Flemish Pass Basin, and two licenses offshore Nova Scotia where we will apply the exploration knowledge and experience we have gained globally and in the North Atlantic specifically.
The growth of Statoil’s portfolio offshore Newfoundland and new entry offshore Nova Scotia strengthens the company’s long-term position in the Canadian offshore.
Offshore Newfoundland is known to have a harsh environment for petroleum operations, with seasonal icebergs, wind and waves as well as deep water depths. With our vast experience as an operator in the Norwegian Continental Shelf and as a partner in established developments offshore Newfoundland, Statoil is well-equipped to deal with these challenges.
The continued appraisal and maturation of our Bay du Nord discovery highlights the progress we are making in potential field development.
General Newfoundland offshore facts
Offshore production in Newfoundland equals approximately 40% of Canada’s light crude production.
Newfoundland and Labrador's offshore resource potential estimated at more than six billion barrels of oil.
Investing in local communities
We have a strong commitment to local investment in Canada and we aim to put local communities first in everything we do. We believe that bringing long-term value to local communities is important to the sustainability of our business and to the economic prosperity of the region.
We work to maintain the strong relationships we have built by aligning our business activities and investing in areas that promote local involvement in our operations.
Sustainability is no longer just about doing business responsibly – it’s also about seeing social and sustainability challenges as opportunities for innovation and development. Statoil strives to create shared value opportunities by working closing with communities and aligning our business activities so that we can proactively and effectively create local value. We use a model of collaboration and partnership to address challenges and create value for local communities and for our business. This approach is integrated into our corporate social responsibility practices and guides our local content and social investment considerations. We promote social sustainability through a number of areas, including involvement in Statoil’s tendering process to promote local sourcing, through social investment programs, as well as through strategic multi-organization partnerships and initiatives.
Offshore Newfoundland and Labrador, we have a Benefits Plan in place in which we have made a commitment to providing opportunities to Canada and, in particular Newfoundland and Labrador. This means that personnel and companies from Canadian Newfoundland and Labrador will have full and fair opportunity to compete for the supply of goods and services, research and development, and employment vacancies—with priority going to the province.