By Treeman 18:57, 13 July 2006 (UTC) - basemap from www.planiglobe.com, CC BY 2.5, https://commons.wikimedia.org/w/index.php?curid=945701
Statoil has confirmed a discovery of two new oil patches in the Flemish Pass Basin.
The company says that based on their assessment there are at least an estimated 300 to 600 million barrels of oil in the area.
Statoil has started work to determine the commercial potential of the location. The Flemish Cap is located within an area of transition between the cold waters of the Labrador Current and warmer waters influenced by the Gulf Stream. It is a very harsh climate to operate in.
The Flemish Cap is an area of shallow waters in the north the Atlantic Ocean about 560 km east of St. John's.