Norwegian energy company Statoil said it had "ambitious" targets for the waters off the coast of Canada after securing the rights to a deep-water drilling rig.
Statoil announced it signed an agreement for the use of Seadrill's West Aquarius rig for its exploration campaign off Newfoundland. The rig is designed for what Statoil said were harsh environments in water depths of up to 9,800 feet.
"We have ambitious exploration targets offshore Newfoundland and securing rig capacity is essential for reaching those targets," Geir Richardsen, head of exploration for Statoil in Canada, said in a statement. "We look forward to putting this rig's capabilities into action."
Statoil said it planned to drill three wells this year off the coast of Newfoundland in the Flemish Pass and Jeanne d'Arc basins.
The Newfoundland region could hold as much as 1.6 billion barrels of oil.